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USD/JPY Technical Analysis: Yen Selloff May Resume Anew

USD/JPY Technical Analysis: Yen Selloff May Resume Anew

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 have set a bottom against the Japanese Yen after prices produced a Bullish Engulfing candlestick pattern. Near-term resistance is at 117.91, the 23.6%Fibonacci retracement, with a break above that on a daily closing basis exposing the December 23 high at 120.82. Alternatively, a reversal below the 38.2% Fib at 115.48 opens the door for a test of the 50% expansion at 113.51.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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USD/JPY Technical Analysis: Yen Selloff May Resume Anew

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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