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USD/JPY Technical Analysis: Upward Momentum Ebbing?

USD/JPY Technical Analysis: Upward Momentum Ebbing?

2014-11-17 23:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 116.30, 115.37, 113.85
  • Resistance: 117.82, 119.05, 120.27

The US Dollar may be vulnerable to a correction downward against the Japanese Yen as negative RSI divergence points to fading upward momentum. Near-term support is at 116.30, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 14.6% level at 115.37. Alternatively, a push above the 38.2% Fib at 117.82 opens the door for a test of the 50% expansion at 119.05.

The mere presence of RSI divergence is insufficient to identify reversal without added confirmation. As such, we will continue to stand aside for now and wait for a more compelling setup to present itself before committing to a position.

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

USD/JPY Technical Analysis: Upward Momentum Ebbing?

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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