Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
USD/JPY Technical Analysis: Eyeing Resistance Above 124.00

USD/JPY Technical Analysis: Eyeing Resistance Above 124.00

Ilya Spivak,

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 123.04, 122.13, 121.41
  • Resistance: 124.49, 125.95, 126.85

The US Dollar continued to press higher against the Japanese Yen, with prices poised to extend above the 124.00 figure. Near-term resistance is at 124.49, the 100% Fibonacci expansion, with a break above that on a daily closing basis exposing the 123.6% level at 125.95. Alternatively, a turn below the 76.4% Fibat 123.04 clears the way for a test of the 61.8% expansion at 122.13.

While entering long seems tempting from a purely technical perspective, we are leery of committing to long-USD exposure ahead of the upcoming revision of first-quarter GDP figures. The latest round of USD strength doesn’t appear rooted in improving Fed policy bets and may unravel if a downside revision pushes out the projected rate hike timeline. With that in mind, we will remain on the sidelines.

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 provides forex news and technical analysis on the trends that influence the global currency markets.