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USD/JPY Technical Analysis: Resistance Met Above 115.00

USD/JPY Technical Analysis: Resistance Met Above 115.00

2014-11-07 03:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 114.21, 112.08, 110.76
  • Resistance: 115.53, 116.34, 117.66

The US Dollar continues to race higher against the Japanese Yen having turned upward as expected after putting in a Morning Star candle pattern. A daily close above the 114.6% Fibonacci expansionat 115.53 exposes the 123.6% level at 116.34. Alternatively, a turn back below the 100% Fib at 114.21 clears the way for a challenge of the 76.4% expansion at 112.08.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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USD/JPY Technical Analysis: Resistance Met Above 115.00

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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