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USD/JPY Technical Analysis: Pullback Clues Emerge Again

USD/JPY Technical Analysis: Pullback Clues Emerge Again

2014-12-05 04:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.24, 117.23, 116.25
  • Resistance: 120.48, 122.49, 124.12

The US Dollar stalled against the Japanese Yen after prices tested the closely-watched psychological 120.00 threshold. Near-term resistance is at 120.48, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 122.49. Alternatively, a turn below the 14.6% Fib at 119.24 opens the door for a challenge of the November 27 low at 117.23.

A Doji candlestick points to indecision while negative RSI divergence hints at ebbing upside momentum. Both clues point to a possible reversal downward reversal ahead, but substantive confirmation is absent for the time being. We will continue to stand aside, waiting for an actionable selling opportunity.

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USD/JPY Technical Analysis: Pullback Clues Emerge Again

Daily Chart - Created Using FXCM Marketscope

--- 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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