USD/JPY Technical Analysis: 120.00 Still Limiting the Upside
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/JPY Technical Strategy: Flat
- Support: 118.92, 117.17, 115.48
- Resistance: 120.82, 121.91, 123.88
The US Dollar continues to stall, with prices oscillating in a narrow range below the 120.00 figure against the Japanese Yen. Near-term resistance is at 120.82, the December 23 high, with a break above that on a daily closing basis exposing 121.91 (December 8 high, 38.2% Fibonacci expansion). Alternatively, a push below rising channel floor support at 118.92 clears the way for a challenge ofthe January 21 low at 117.17.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.