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USD/JPY Technical Analysis: Pullback Gathering Momentum

USD/JPY Technical Analysis: Pullback Gathering Momentum

2014-12-10 03:26:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.41, 117.91, 115.48
  • Resistance: 122.49, 124.12, 125.74

The US Dollar is trying to turn lower as expected against Japanese Yen, with a bearish Three Inside Down candle pattern now adding to the case for weakness. A daily close below 119.41, the intersection of rising trend support and the 14.6% Fibonacci retracement, exposes the 23.6% level at 117.91. Alternatively, a reversal above the 38.2% Fib at 122.49 clears the way for a test of the 50% expansion at 124.12.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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USD/JPY Technical Analysis: Pullback Gathering Momentum

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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