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USD/JPY Technical Analysis: Waiting for Event Risk Cues

USD/JPY Technical Analysis: Waiting for Event Risk Cues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 118.79, 118.45, 117.91
  • Resistance: 119.32, 119.85, 120.73

The US Dollar continues to tread water at support above the 119.00 figure against the Japanese Yen as pivotal event risk looms ahead. Near-term support is in the 118.79-88 area (April 6 low, 50% Fibonacci expansion), with a break below that on a daily closing basis exposing the 61.8% level at 118.45. Alternatively, a move above the 38.2% Fib at 119.32 clears the way for a test of falling trend line resistance at 119.85.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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

USD/JPY Technical Analysis: Waiting for Event Risk Cues

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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