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USD/JPY Technical Analysis: Trend Line Support Holds Up

USD/JPY Technical Analysis: Trend Line Support Holds Up

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 120.21, 119.66, 118.93
  • Resistance: 120.82, 121.84, 122.66

The US Dollar rebounded from support guiding the uptrend over the past two months after probing below 120.00 against the Japanese Yen. Near-term trend line support is at 120.21, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 119.66. Alternatively, a move above support-turned-resistance at 120.82, the December 23 high, clears the way for a challenge the December 8 peak at 121.84.

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.

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USD/JPY Technical Analysis: Trend Line Support Holds Up

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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