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USD/JPY Technical Analysis: Rejected at Trend Line Barrier

USD/JPY Technical Analysis: Rejected at Trend Line Barrier

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.32, 118.88, 118.45
  • Resistance: 120.03, 120.73, 121.53

The US Dollar recoiled from trend line resistance and may be readying to resume its expected reversal against the Japanese Yen. A daily close below the 38.2% Fibonacci expansion at 119.32 exposes the 50% level at 118.88. Alternatively, a push above trend line resistance at 120.03 opens the door for a challenge of the April 9 high at 120.73.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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USD/JPY Technical Analysis: Rejected at Trend Line Barrier

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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