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: Yen Soars to One-Month High

USD/JPY Technical Analysis: Yen Soars to One-Month High

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: 106.63, 105.57, 104.50
  • Resistance: 107.95, 108.76, 110.08

The US Dollar tumbled to the lowest level in a month against the Japanese Yen, with sellers claiming a foothold below the 170.00 figure. A daily close below the 38.2% Fibonacci retracementat 106.63 exposes the 50% level at 105.57. Alternatively, a reversal above the 107.64-95 area marked by trend line resistance-turned-support set from May 2013 and the 23.6% Fib at 107.95 opens the door for a test of the 14.6% retracement at 108.76.

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.

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

USD/JPY Technical Analysis: Yen Soars to One-Month High

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.