USD/JPY Technical Analysis: Buyers Fail to Hold 124.00
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- USD/JPY Technical Strategy: Flat
- Support: 122.36, 121.54, 120.52
- Resistance: 123.46, 124.09, 125.11
The US Dollar continues to stall after finding interim support above the 122.00 figure against the Japanese Yen having declined as expected. A daily close above the 14.6% Fibonacci expansion at 123.46 exposes the 23.6% level at 124.09. Alternatively, a reversal below the 50% Fibretracement at 122.36 opens the door for a test of the 61.8% threshold at 121.54.
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.
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--- 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.