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USD/JPY Technical Analysis: Threatening to Derail Breakout

USD/JPY Technical Analysis: Threatening to Derail Breakout

Ilya Spivak,

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 119.35, 118.78, 118.02
  • Resistance: 120.79, 121.55, 122.31

The US Dollar continued to retreat for a third consecutive day against the Japanese Yen, with prices threatening to negate last week’s upside breakout. Near-term trend line support is at 119.35, with a break below that on a daily closing basis exposing the 50% Fibonacci retracement at 118.78. Alternatively, a turn above the 38.2% Fib expansion at 120.79 clears the way for a test of the 50% threshold at 121.55.

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!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.