Skip to content
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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USD/JPY Technical Analysis: Opting to Remain Flat for Now

USD/JPY Technical Analysis: Opting to Remain Flat for Now

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: 118.90, 118.04, 116.76
  • Resistance: 120.82, 121.91, 123.88

The US Dollar continued to push higher against the Japanese Yen after prices broke resistance marked by the top of a two-month-old Triangle pattern. Near-term resistance is at 120.82, the December 23 high, with a break above that on a daily closing basis exposing the 38.2% Fibonacci expansion at 121.91. Alternatively, a reversal back below Triangle top resistance-turned-support at 118.90 opens the door for a test of a recently broken channel top at 118.04.

While entering long appears compelling, we will tactically opt to pass. The correlation between USDJPY and the S&P 500 implies the pair may suffer from risk aversion following a fruitless Eurozone finance ministers’ meeting earlier today. With that in mind, we will stand aside.

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

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.