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USD/JPY Technical Analysis: Battering Range Floor Support

USD/JPY Technical Analysis: Battering Range Floor Support

2014-10-09 04:25:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 107.89, 106.54, 105.45
  • Resistance: 109.93, 110.65, 111.54

The US Dollar is testing below the bottom of a now-familiar choppy range against the Japanese Yen. Near-term support 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 move above the 23.6% Fib expansion at 109.93 opens the door for a test of the August 2008 high at 110.65.

Prices are 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: Battering Range Floor Support

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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