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USD/JPY Technical Analysis: March Top Under Pressure

USD/JPY Technical Analysis: March Top Under Pressure

2015-05-26 03:33:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support:120.79, 119.91, 118.83
  • Resistance:121.55, 122.31, 123.26

The US Dollar stalled near the 122.00 figure against the Japanese Yen having extended to the highest level in nearly three months. Near-term resistance is at 121.55, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 122.31. Alternatively, a turn below the 38.2% Fibat 120.79 clears the way for a test of trend line resistance-turned-support at 119.91.

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: March Top Under Pressure

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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