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

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

Ilya Spivak, Head Strategist, APAC

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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.

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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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