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USD/JPY Technical Analysis: 2-Month Resistance Broken

USD/JPY Technical Analysis: 2-Month Resistance Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 120.01, 118.78, 118.02
  • Resistance: 120.79, 121.55, 122.31

The US Dollar broke two-month trend resistance against the Japanese Yen, with prices now trying to clear a path above the 121.00 figure. Near-term resistance is at 120.79, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 121.55. Alternatively, a turn below trend line resistance-turned-support at 120.01 clears the way for a test of the 50% Fib retracement at 118.78.

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: 2-Month Resistance Broken

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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