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USD/JPY Technical Analysis: Yen Gains Most in Six Months

USD/JPY Technical Analysis: Yen Gains Most in Six Months

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 108.76, 107.95, 106.63
  • Resistance: 109.68, 110.43, 111.64

The US Dollar turned sharply lower against the Japanese Yen as expected, posting the largest daily drop in six months. A daily close below the 14.6% Fibonacci retracement at 108.76 exposes the 23.6% level at 107.95. Alternatively, a turn above the 14.6% Fib expansion at 109.68 opens the door for a challenge of the 23.6% threshold at 110.43.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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USD/JPY Technical Analysis: Yen Gains Most in Six Months

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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