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USD/JPY Technical Analysis: Support Now Below 117.00

USD/JPY Technical Analysis: Support Now Below 117.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 116.96, 115.71, 113.70
  • Resistance: 118.09, 119.05, 120.27

The US Dollar moved downward against the Japanese Yen as expected after showing a Shooting Star candlestick, breaking monthly channel support. A daily close below the 14.6% Fibonacci retracement at 116.96 exposes the 23.6% level at 115.71. Alternatively, a reversal above channel floor support-turned-resistance at 118.09 clears the way for a test of the 50% Fib expansion at 119.05.

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 that 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: Support Now Below 117.00

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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