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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USD/JPY Technical Analysis: Upside Momentum May Be Fading

USD/JPY Technical Analysis: Upside Momentum May Be Fading

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: 107.89, 106.54, 105.45
  • Resistance: 110.19, 110.65, 111.54

The US Dollar pushed higher anew against the Japanese Yen but conspicuously failed to breach October’s high above the 110.00 figure. A daily close below the 107.89-108.00 zone bracketed by the October 2 low and the 23.6% Fibonacci retracementexposes the 38.2% level at 106.54. Alternatively, a reversal above the 110.08-19 area marked by the 23.6% Fib expansion and the October 1 high opens the door for a challenge of the August 15 2008 top at 110.65.

Negative RSI divergence hints at ebbing upside momentum, warning against entering long. Furthermore, prices are too close to resistance to justify buying the pair from a risk/reward perspective. On the other hand, the absence of a defined bearish signal argues that entering short is premature. We will remain flat for now.

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

USD/JPY Technical Analysis: Upside Momentum May Be Fading

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.