USD/JPY Technical Analysis: Retesting Range Resistance
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/JPY Technical Strategy: Flat
- Support: 118.78, 118.02, 117.08
- Resistance: 120.05, 120.79, 121.55
The US Dollar remains in digestion mode, with prices drifting sideways below the 121.00 figure against the Japanese Yen. A daily close below the 50% Fibonacci retracementat 118.78 exposes the 61.8% level at 118.02. Alternatively, a reversal above trend line resistance at 120.05 opens the door for a challenge of the 38.2% Fib expansion at 120.79.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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.com