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USD/JPY Technical Analysis: Down Move Ready to Resume?

USD/JPY Technical Analysis: Down Move Ready to Resume?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 123.67, 123.18, 122.39
  • Resistance: 124.56, 125.85, 126.68

The US Dollar may be preparing to turn lower against the Japanese Yen after finding resistance below the 125.00 figure. A daily close below the 14.6% Fibonacci retracementat 123.67 exposes the 23.6% level at 123.18. Alternatively, a reversal above the 76.4% Fib retracement at 124.56 opens the door for a test of the June 5 high at 125.85.

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.

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USD/JPY Technical Analysis: Down Move Ready to Resume?

--- 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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