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USD/JPY Technical Analysis: Waiting for Spark Below 125.00

USD/JPY Technical Analysis: Waiting for Spark Below 125.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 123.78, 123.29, 122.49
  • Resistance: 124.57, 125.85, 126.63

The US Dollar remains in digestion mode after rising to the strongest level in almost two months against the Japanese Yen. A daily close above the July 30 highat 124.57 exposes the June 5 top at 125.85. Alternatively, a turn below the 14.6% Fibonacci expansion at 123.78 opens the door for a test of the 23.6% level at 123.29.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis: Waiting for Spark Below 125.00

--- 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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