Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
USD/JPY Technical Analysis: Familiar Range Still in Play

USD/JPY Technical Analysis: Familiar Range Still in Play

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

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

The US Dollar continues to trade sideways in a choppy above the 122.00 figure against the Japanese having turned declined as expected. 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.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

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.

DISCLOSURES