News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇨🇦 New Housing Price Index YoY (DEC) Actual: 4.6% Previous: 4.6% https://www.dailyfx.com/economic-calendar#2021-01-21
  • 🇺🇸 Initial Jobless Claims (16/JAN) Actual: 900K Expected: 910K Previous: 965K https://www.dailyfx.com/economic-calendar#2021-01-21
  • 🇺🇸 Jobless Claims 4-week Average (JAN/16) Actual: 848K Previous: 834.25K https://www.dailyfx.com/economic-calendar#2021-01-21
  • 🇺🇸 Building Permits MoM (DEC) Actual: 4.5 Previous: 5.9% https://www.dailyfx.com/economic-calendar#2021-01-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 71.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/H860k3IXIr
  • Heads Up:🇺🇸 Initial Jobless Claims (16/JAN) due at 13:30 GMT (15min) Expected: 910K Previous: 965K https://www.dailyfx.com/economic-calendar#2021-01-21
  • Heads Up:🇺🇸 Jobless Claims 4-week Average (JAN/16) due at 13:30 GMT (15min) Previous: 834.25K https://www.dailyfx.com/economic-calendar#2021-01-21
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.58% 🇬🇧GBP: 0.47% 🇪🇺EUR: 0.43% 🇦🇺AUD: 0.38% 🇯🇵JPY: 0.13% 🇨🇦CAD: 0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aYS7YHHCFg
  • Heads Up:🇺🇸 Continuing Jobless Claims (09/JAN) due at 13:30 GMT (15min) Expected: 5400K Previous: 5271K https://www.dailyfx.com/economic-calendar#2021-01-21
  • Heads Up:🇺🇸 Philadelphia Fed Manufacturing Index (JAN) due at 13:30 GMT (15min) Expected: 12 Previous: 11.1 https://www.dailyfx.com/economic-calendar#2021-01-21
USD/JPY Technical Analysis: 2-Month Resistance Under Fire

USD/JPY Technical Analysis: 2-Month Resistance Under Fire

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 118.12, 117.02, 116.09
  • Resistance: 119.07, 120.82, 121.84

The US Dollar launched sharply higher against the Japanese Yen, with prices threatening to snap two months of sideways consolidation. A daily close above Triangle pattern resistance at 119.07 exposes the December 23 high at 120.82. Alternatively, a turn below channel top resistance-turned-support at 118.12 clears the way for a challenge of the pattern’s floor at 117.02.

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 long side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis: 2-Month Resistance Under Fire

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.

DISCLOSURES