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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.72% Oil - US Crude: 0.52% Gold: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cwqmxM5Abs
  • RT @ZabelinDimitri: Hello there, traders It’s been a while. Some news: I will be occasionally publishing reports once again for DailyFX as…
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.49% 🇨🇦CAD: 0.07% 🇦🇺AUD: 0.07% 🇳🇿NZD: -0.07% 🇪🇺EUR: -0.13% 🇯🇵JPY: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6vzGUOMy7t
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.55% FTSE 100: 0.46% Germany 30: 0.32% Wall Street: 0.31% US 500: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/1lvmfOWWh7
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/JkBv8Bfa9W
  • Crude Oil Prices Climb on Major US Pipeline Disruptions, Weaker USD https://www.dailyfx.com/forex/market_alert/2021/05/10/Crude-Oil-Prices-Climb-on-Major-US-Pipeline-Disruptions-and-a-Weaker-USD.html https://t.co/3kcBXyMIoh
  • Wall Street Futures Update: Dow Jones (+0.27%) S&P 500 (+0.18%) Nasdaq 100 (+0.06%) [delayed] -BBG
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/nD75SqMrxd
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.66%, while traders in France 40 are at opposite extremes with 79.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0X721EyXki
  • Gold Prices at 3-Month High Amid USD Weakness after Big NFP Miss https://www.dailyfx.com/forex/market_alert/2021/05/10/Gold-Prices-at-3-Month-High-amid-USD-Weakness-after-Big-NFP-Miss.html https://t.co/ZlsBKlFOw6
USD/JPY Technical Analysis: Standstill Below 122.00 Continues

USD/JPY Technical Analysis: Standstill Below 122.00 Continues

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: 120.82, 119.70, 117.17
  • Resistance: 121.91, 123.88, 125.84

The US Dollar continues to stall below the 122.00 figure against the Japanese Yen as prices await resolution of a challenge to December’s swing high. Near-term resistance is in the 121.84-91 area (December 8 high, 38.2% Fibonacci expansion), with a break above that on a daily closing basis exposing the 50% level at 123.88. Alternatively, a reversal below resistance-turned-support at 120.82, the December 23 high, clears the way for a challenge of rising trend line support at 119.70.

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 short 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: Standstill Below 122.00 Continues

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