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USD/JPY Technical Analysis: Yen Pushes to Two-Week High

USD/JPY Technical Analysis: Yen Pushes to Two-Week High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 107.89, 106.54, 105.44
  • Resistance: 108.72, 110.08, 110.65

The US Dollar continues to move lower against the Japanese Yen as expected, with prices sinking to touch a two-week low. Near-term support is at 107.89, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 106.54. Alternatively, a reversal above the 14.6% Fib at 108.72 clears the way for a test of the October 1 high at 110.08.

Prices closed too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind we will remain flat for now.

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USD/JPY Technical Analysis: Yen Pushes to Two-Week High

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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