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USD/JPY Technical Analysis: Chart Setup Hints at Rebound

USD/JPY Technical Analysis: Chart Setup Hints at Rebound

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 115.48, 113.51, 111.55
  • Resistance: 117.91, 120.82, 121.91

The US Dollar may be preparing to turn higher against the Japanese Yen after prices put in a Bullish Engulfing candlestick pattern. A daily close above the 23.6%Fibonacci retracement at 117.91 exposes the December 23 high at 120.82. Alternatively, a turn below the 38.2% Fib at 115.48 clears the way for a challenge of the 50% expansion at 113.51.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable 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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