USD/JPY Technical Analysis: Attempting a Rebound Anew
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/JPY Technical Strategy: Flat
- Support:122.36, 121.54, 120.52
- Resistance:123.18, 124.20, 124.83
The US Dollar is trying to recover from familiar range support after an expected retreat against the Japanese Yen. 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 38.2% Fibat 123.18 clears the way for a challenge of the 23.6% retracement at 124.20.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com