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USD/JPY Technical Analysis: Fighting to Expose 124.00 Mark

USD/JPY Technical Analysis: Fighting to Expose 124.00 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 122.36, 121.54, 120.52
  • Resistance: 123.46, 124.09, 125.11

The US Dollar found interim support above the 122.00 figure after declining against the Japanese Yen as expected. A daily close below the 50% Fibonacci retracementat 122.36 exposes the 61.8% level at 121.54. Alternatively, a reversal above the 14.6% Fibexpansion at 123.46 opens the door for a test of the 23.6% threshold at 124.09.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis: Fighting to Expose 124.00 Mark

--- 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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