Skip to content
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. See our updated Privacy Policy here.

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
More View more
USD/JPY Technical Analysis: Support Now Below 119.00

USD/JPY Technical Analysis: Support Now Below 119.00

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: 118.93, 118.20, 117.30
  • Resistance: 119.66, 120.68, 121.41

The US Dollar fell against the Japanese Yen as expected after prices put in a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 118.93, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 118.20. Alternatively, push above the 38.2% Fib at 119.66 clears the way for a test of the 38.2% Fib expansion at 120.68.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis: Support Now Below 119.00

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.

DISCLOSURES