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USD/JPY Technical Analysis: Eyeing Resistance Below 121.00

USD/JPY Technical Analysis: Eyeing Resistance Below 121.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.62, 118.71, 118.32
  • Resistance: 120.68, 121.41, 122.13

The US Dollar may be resuming its upward push against the Japanese Yen after prices advanced to a three-week high. Near-term resistance is at 120.68, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 121.41. Alternatively, a turn below trend line resistance-turned-support at 119.62 clears the way for a test of the April 3 lowat 118.71.

A long trade is a tempting proposition on a purely technical basis but we are apprehensive about committing to a directional bias on sentiment-sensitive JPY-based pairs before the week’s high-profile scheduled event risk passes. With that in mind, we remain flat.

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USD/JPY Technical Analysis: Eyeing Resistance Below 121.00

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.

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