USD/JPY Technical Analysis: Rejected at Two-Month Highs
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- USD/JPY Technical Strategy: Flat
- Support: 120.68, 119.96, 118.83
- Resistance: 121.41, 122.13, 123.04
The US Dollar may pull back against the Japanese Yen after putting in a Harami candlestick pattern at two-month highs. Near-term support is at 120.68, the 38.2%Fibonacci expansion, with a break below that on a daily closing basis exposing trend line resistance-turned-support at 119.96. Alternatively, a push above the 50% Fibat 121.41 clears the way for a test of the 61.8% expansion at 122.13.
A Harami pattern is insufficient as a stand-alone trade signal without further confirmation, making for inconclusive positioning With that in mind, we will continue to remain on the sidelines for the time being until an actionable opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com