USD/JPY Technical Analysis: Resistance Above 124.00 Eyed
To receive Ilya's analysis directly via email, please SIGN UP HERE
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
--- 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.