To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 120.68, 119.98, 118.83
- Resistance: 121.41, 122.13, 123.04
The US Dollar continued to press higher against the Japanese Yen, completing the fourth consecutive daily advance. A daily close above the 50% Fibonacci expansion at 121.41 exposes the 61.8% level at 122.13. Alternatively, a move back below the 38.2% Fib at 120.68 opens the door for a challenge of trend line resistance-turned-support at 119.98.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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
