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USD/JPY Technical Analysis: Bounce Stalls Below 120.00

USD/JPY Technical Analysis: Bounce Stalls Below 120.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 117.91, 115.48, 113.51
  • Resistance: 119.48, 120.82, 121.91

The US Dollar is consolidating gains against the Japanese Yen having advanced as expected after forming a Bullish Engulfing candlestick pattern. Near-term resistance is at 119.48, the 23.6%Fibonacci expansion, 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 the 38.2% threshold at 115.48.

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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USD/JPY Technical Analysis: Bounce Stalls Below 120.00

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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