News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Technical Analysis: Support Below 118.00 Pressured

USD/JPY Technical Analysis: Support Below 118.00 Pressured

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 117.91, 116.87, 115.48
  • Resistance: 119.16, 120.82, 121.91

The US Dollar is testing the bottom of now-familiar range support below the 118.00 figure against the Japanese Yen once again. Near-term support is at 117.91, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing falling channel support at 116.87. Alternatively, a reversal above channel top resistance at 119.16 opens the door for a test of the December 23 high at 120.82.

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: Support Below 118.00 Pressured

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.

DISCLOSURES