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USD/JPY Technical Analysis: December Low in the Crosshairs

USD/JPY Technical Analysis: December Low in the Crosshairs

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 116.64, 115.48, 113.51
  • Resistance: 117.91, 118.96, 120.82

The US Dollar declined for a fifth straight session against the Japanese Yen, with prices now within a hair of December’s swing bottom. Near-term support is at 115.48, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 113.51. Alternatively, a reversal above the 23.6% retracement 117.91 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: December Low in the Crosshairs

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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