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USD/JPY Technical Analysis: Trying to Clear Path Sub-120

USD/JPY Technical Analysis: Trying to Clear Path Sub-120

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 120.70, 119.48, 117.98
  • Resistance: 121.91, 123.13, 124.08

The US Dollar turned sharply lower against the Japanese Yen, declining to the lowest level in nearly two months. A daily close below the 50% Fibonacci retracementat 120.70 exposes the 61.8% level at 119.48. Alternatively, a reversal above the 38.2% Fibat 121.91opens the door for a test of falling trend line resistance at 123.13.

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: Trying to Clear Path Sub-120

--- 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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