USD/JPY Technical Analysis: Sideways Trade Continues
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- USD/JPY Technical Strategy: Flat
- Support: 117.53, 116.96, 116.37
- Resistance: 118.86, 120.82, 121.84
The US Dollar is treading water after rising against the Japanese Yen as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the January 20 high at 118.86 exposes the December 23 high at 120.82. Alternatively, a turn below range support at 117.53 clears the way for a challenge of the 38.2% Fibonacci expansion at 116.96.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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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.