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USD/JPY Technical Analysis: Former Resistance in Focus

USD/JPY Technical Analysis: Former Resistance in Focus

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 118.81, 118.01, 116.76
  • Resistance: 120.82, 121.91, 123.88

The US Dollar is working on a third day of losses against the Japanese Yen after recoiling from resistance below the 121.00 figure. Near-term Triangle top resistance-turned-support is at 118.28, with a break below that on a daily closing basis exposing the January 21 low at 117.17. Alternatively, a move above the December 23 high at 120.82 clears the way for a challenge of the 121.84-91 zone (December 8 high, 38.2% Fibonacci expansion).

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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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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