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USD/JPY Technical Analysis: Resistance Above 124.00 Eyed

USD/JPY Technical Analysis: Resistance Above 124.00 Eyed

2015-06-24 06:16:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 123.18, 122.36, 121.54
  • Resistance: 124.09, 125.11, 125.93

The US Dollar is attempting to mount a recovery against the Japanese Yen, with prices working to breach the 124.00 figure. A daily close above the 23.6% Fibonacci expansion at 124.09 exposes the 38.2% level at 125.11. Alternatively, a turn below the 38.2% Fibretracement at 123.18 opens the door for a test of the 50% threshold at 122.36.

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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USD/JPY Technical Analysis: Resistance Above 124.00 Eyed

--- 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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