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USD/JPY Technical Analysis: June Bottom in the Crosshairs

USD/JPY Technical Analysis: June Bottom in the Crosshairs

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 is facing renewed selling pressure, with prices aiming to challenge June lows above the 122.00 figure against the Japanese Yen. A daily close above the 50% Fibonacci retracement at 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 wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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USD/JPY Technical Analysis: June Bottom in the Crosshairs

--- 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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