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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
USD/JPY Technical Analysis: Opting to Pass on Long Trade

USD/JPY Technical Analysis: Opting to Pass on Long Trade

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 125.20, 124.64, 123.74
  • Resistance: 126.10, 126.83, 127.55

The US Dollar resumed its advance against the Japanese Yen, rising to the highest level in 13 years. A daily close above the 38.2% Fibonacci expansion at 126.10 exposes the 50% level at 126.83. Alternatively, a reversal below the 23.6% Fibat 125.20 opens the door for a challenge of the 14.6% expansion at 124.64.

Negative RSI divergence warns of ebbing upside momentum and hints a reversal downward may be in the cards ahead, arguing against taking a long position. With that in mind, we will remain on the sidelines for now and wait for a more compelling opportunity to present itself.

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.com

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

DISCLOSURES