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USD/JPY Technical Analysis: Five-Day Win Streak Ended

USD/JPY Technical Analysis: Five-Day Win Streak Ended

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 106.99. 106.44, 105.77
  • Resistance: 107.54, 108.22, 109.31

The US Dollar paused to digest gains after five consecutive daily advances against the Japanese Yen following the establishment of a six-year high. A daily close above the 61.8% Fibonacci expansion at 107.54 exposes the 76.4% level at 108.22. Alternatively, a reversal below the 50% Fib at 106.99 opens the door for a challenge of the 38.2% expansion at 106.44.

The available trading range is too narrow to justify entering a long or short trade at current levels from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more actionable opportunity to present itself.

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USD/JPY Technical Analysis: Five-Day Win Streak Ended

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.

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