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USD/JPY Technical Analysis: Waiting for Clear Breakout

USD/JPY Technical Analysis: Waiting for Clear Breakout

2015-02-04 04:13:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 116.96, 116.37, 115.78
  • Resistance: 118.28, 118.86, 120.82

The US Dollar continues to consolidate in familiar territory below the 119.00 figure against the Japanese Yen. Near-term channel top resistance is at 118.28, with a break above that on a daily closing basis exposing the January 20 high at 118.86. Alternatively, a reversal below the intersection of channel floor support and the 38.2% Fibonacci expansion in the 116.96-117.18 area opens the door for a test of the 50% level at 116.37.

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: Waiting for Clear Breakout

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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