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USD/JPY Technical Analysis: Treading Water Near 120.00

USD/JPY Technical Analysis: Treading Water Near 120.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.56, 118.71, 118.32
  • Resistance: 120.68, 121.41, 122.13

The US Dollar corrected narrowly lower after seemingly completing an upside breakout against the Japanese Yen late last week. A daily close above the 38.2% Fibonacci expansion at 120.68 exposes the 50% level at 121.41. Alternatively, a reversal below trend line resistance-turned-support at 119.56 opens the door for a challenge of the April 3 lowat 118.71.

While entering long is a compelling proposition from a purely technical perspective, we will tactically opt to stand for now. Sentiment-linked Yen pairs may see positioning derailed by reactions to this week’s high-profile event risk. With that in mind, we will stay flat for the time being.

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USD/JPY Technical Analysis: Treading Water Near 120.00

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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