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USD/JPY Technical Analysis: Support Now Below 117.00

USD/JPY Technical Analysis: Support Now Below 117.00

2014-11-27 01:06:00
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.

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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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