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USD/JPY Technical Analysis: Buyers Rejected Below 120.00

USD/JPY Technical Analysis: Buyers Rejected Below 120.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 117.91, 117.25, 115.48
  • Resistance: 119.57, 120.82, 121.91

The US Dollar recoiled back into a familiar consolidation range having found resistance below the 120.00 figure against the Japanese Yen. Near-term resistance is at 119.57, a falling channel top, with a break above that on a daily closing basis exposing the December 23 high at 120.82. Alternatively, a reversal below the 23.6% Fib retracement at 117.91 opens the door for a test of channel floor support at 117.25.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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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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