Skip to content
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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Technical Analysis: Support Now Below 117.00

USD/JPY Technical Analysis: Support Now Below 117.00

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: 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.

DISCLOSURES