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: Yen Recovery Tipped Ahead

USD/JPY Technical Analysis: Yen Recovery Tipped Ahead

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: 108.22, 107.47, 106.24
  • Resistance: 109.22, 109.96, 110.71

The US Dollar could be carving out a top against the Japanese Yen marked by the formation of a bearish Harami candlestick pattern. Near-term support is at 108.22, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 107.47. Alternatively, a push above the 38.2% Fib expansion at 109.22 clears the way for a test of the 50% threshold at 109.96.

Taken in isolation, a Harami formation does not amount to an actionable trade signal. With that in mind, we will stand aside for now pending further confirmation, waiting for an actionable setup to present itself.

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

USD/JPY Technical Analysis: Yen Recovery Tipped Ahead

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