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USD/JPY Technical Analysis: Pullback Sought to Enter Long

USD/JPY Technical Analysis: Pullback Sought to Enter Long

2015-04-14 04:48:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.66, 118.93, 118.20
  • Resistance: 120.68, 121.41, 122.13

The US Dollar may be readying to turn lower against the Japanese Yen after prices produced a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracementat 119.66 exposes the 50% level at 118.93. Alternatively, move above the 38.2% Fib expansion at 120.68 opens the door for a challenge of the 50% threshold at 121.41.

A short trade looks tempting from a purely technical perspective but we will tactically opt to stay flat. USDJPY seem to have resumed a long-standing rising trend having completed a Flag chart formation, painting any near-term weakness as corrective. With that in mind, we will wait for a buying opportunity following a downswing to establish exposure.

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USD/JPY Technical Analysis: Pullback Sought to Enter Long

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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