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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
USD/JPY Technical Analysis: Marking Time at 2-Month High

USD/JPY Technical Analysis: Marking Time at 2-Month High

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 123.78, 123.29, 122.49
  • Resistance: 124.57, 125.85, 126.65

The US Dollar paused to consolidate gains after hitting the highest level in nearly two months against the Japanese Yen. Near-term resistance is at 124.57, the July 30 high, with a break above that on a daily closing basis exposing June 5 top at 125.85. Alternatively, a move below the 14.6% Fibonacci expansion at 123.78 clears the way for a challenge of the 23.6% level at 123.29.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES