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USD/JPY Technical Analysis: Yen Rallies Most in Two Weeks

USD/JPY Technical Analysis: Yen Rallies Most in Two Weeks

2014-12-31 03:33:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.41, 117.91, 115.48
  • Resistance: 120.82, 121.91, 123.88

The US Dollar recoiled downward against the Japanese Yen, recording the largest daily decline in two weeks. Near-term support is at 119.41, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 117.91. Alternatively, a reversal above the December 23 high at 120.82 opens the door for a challenge of the 38.2% Fib expansion at 121.91.

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: Yen Rallies Most in Two Weeks

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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