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

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

2014-10-03 02:31:00
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.

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

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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