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USD/JPY Technical Analysis: Resistance Now Above 122.00

USD/JPY Technical Analysis: Resistance Now Above 122.00

2014-12-08 04:26:00
Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 120.48, 119.24, 117.23
  • Resistance: 122.49, 124.12, 125.74

The US Dollar resumed its advance against the Japanese Yen, with buyers claiming a foothold above the 121.00 figure. A daily close above the 38.2% Fibonacci expansion at 122.49 exposes the 50% level at 124.12. Alternatively, a reversal below the 23.6% Fib at 120.48 clears the way for a test of the 14.6% expansion at 119.24.

While entering long is a tempting proposition, we will tactically opt to stand aside for now. We are leery of entering short Yen, worrying that year-end capital flows may fuel a recovery in the currency. With that in mind, we will continue to stand aside for now.

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

USD/JPY Technical Analysis: Resistance Now Above 122.00

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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