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USD/JPY Technical Analysis: Yen Recovery Signaled Ahead

USD/JPY Technical Analysis: Yen Recovery Signaled Ahead

2015-06-03 02:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 123.66, 122.80, 121.42
  • Resistance: 124.78, 126.31, 127.25

The US Dollar produced a Bearish Engulfing candlestick pattern, hinting a top may be set below the 125.00 figure against the Japanese Yen. Near-term support is at 123.66, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 122.80. Alternatively, a turn above the 100% Fibexpansion at 124.78 clears the way for a test of the 123.6% threshold at 126.31.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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: Yen Recovery Signaled Ahead

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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