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USD/JPY Technical Analysis: Topping Signaled Below 125.00

USD/JPY Technical Analysis: Topping Signaled Below 125.00

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 may be readying to decline against the Japanese Yen having put in a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 123.66 exposes the 23.6% level at 122.80. Alternatively, a move above the 100% Fibexpansion at 124.78 opens the door for a challenge of the 123.6% threshold at 126.31.

Confirmation of a bearish reversal is likely to wait for the US Employment report due Friday to cross the wires, warning against committing to a directional bias in the interim. With that in mind, we will continue to stand aside for now.

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.