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USD/JPY Technical Analysis: Oscillating in Familiar Range

USD/JPY Technical Analysis: Oscillating in Familiar Range

2015-05-01 02:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 118.71, 118.32, 117.52
  • Resistance: 119.74, 120.68, 121.41

The US Dollar continues to tread water near support below the 119.00 figure against the Japanese Yen. Near-term support is at 118.71, the April 3 low, with a break below that on a daily closing basis exposing the March 26 bottom at 118.32. Alternatively, a move above trend lien resistance at 119.74 clears the way for a test of the 38.2% Fibonacci expansion at 120.68.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short 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: Oscillating in Familiar Range

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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