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USD/JPY Technical Analysis: Buyers Lose Hold of 120.00

USD/JPY Technical Analysis: Buyers Lose Hold of 120.00

2015-04-02 00:23:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.66, 118.93, 118.20
  • Resistance: 120.14, 120.68, 121.41

The US Dollar turned lower against the Japanese Yen after finding resistance at a three-week falling channel top. A daily close below the 38.2% Fibonacci retracementat 119.66 exposes the 50% level at 118.93. Alternatively, a turn above channel resistance at 120.14 opens the door for a challenge of the 38.2% Fib expansion at 120.68.

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.

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USD/JPY Technical Analysis: Buyers Lose Hold of 120.00

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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