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USD/JPY Technical Analysis: Resistance Sub-121.00 at Risk

USD/JPY Technical Analysis: Resistance Sub-121.00 at Risk

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.42, 117.17, 115.48
  • Resistance: 120.82, 121.91, 123.88

The US Dollar continues to push higher against the Japanese Yen, with prices trying to clear a path above the 121.00 figure. A daily close above the December 23 highat 120.82 exposes the intersection of the December 8 high and the 38.2% Fibonacci expansion at 121.91. Alternatively, a turn below the channel floor at 119.42 opens the door for a test ofthe January 21 low at 117.17.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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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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