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USD/JPY Technical Analysis: Working on 7th Straight Gain

USD/JPY Technical Analysis: Working on 7th Straight Gain

2015-06-01 06:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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

The US Dollar is working on the seventh consecutive day on the upside against the Japanese Yen, extending the longest winning streak in nine months. 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.

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: Working on 7th Straight Gain

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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