News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Technical Analysis: Topping Above 105.00 Figure?

USD/JPY Technical Analysis: Topping Above 105.00 Figure?

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 104.68, 104.12, 103.54
  • Resistance: 105.35-43, 105.73, 106.35

The US Dollar may be vulnerable to a correction lower against the Japanese Yen after spiking to the highest level in six years. Negative RSI divergence warns of ebbing upside momentum as prices test resistance in the 105.35-43 area, marked by the 14.6% Fibonacci expansion and the January 2014 swing high, hinting a move downward may be ahead. A break below rising trend line support at 104.68 exposes the April 4 high at 104.12. Alternatively, a turn above resistance opens the door for a challenge of the 23.6% level at 105.73.

Confirmation of a bearish reversal is absent for the time being, suggesting entering is premature at this stage. We will stand aside, looking for any on-coming pullback as an opportunity to enter long in line with the longer-term uptrend.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis: Topping Above 105.00 Figure?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES