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USD/JPY Technical Analysis: Support Above 122.00 Holds Up

USD/JPY Technical Analysis: Support Above 122.00 Holds Up

2015-07-01 02:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support:122.36, 121.54, 120.52
  • Resistance:123.18, 124.20, 124.83

The US Dollar continues to trade sideways in a choppy range above the 122.00 figure against the Japanese having turned lower as expected. A daily close below the 50% Fibonacci retracementat 122.36 exposes the 61.8% level at 121.54. Alternatively, a reversal above the 38.2% Fibat 123.18 opens the door for a test of the 23.6% retracement at 124.20.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long 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!

USD/JPY Technical Analysis: Support Above 122.00 Holds Up

--- 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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