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USD/JPY Technical Analysis: Range-Bound Trade Persists

USD/JPY Technical Analysis: Range-Bound Trade Persists

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 in digestion mode above the 122.00 figure against the Japanese Yen after turning downward as expected. Near-term support is at 122.36, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 121.54. Alternatively, a turn above the 14.6% Fibexpansion at 123.46 clears the way for a challenge of the 23.6% threshold at 124.09.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for an actionable opportunity to present itself.

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USD/JPY Technical Analysis: Range-Bound Trade Persists

--- 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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