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USD/JPY Technical Analysis: Resistance Now Above 125.00

USD/JPY Technical Analysis: Resistance Now Above 125.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 124.17, 123.28, 122.18
  • Resistance: 125.05, 126.15, 127.93

The US Dollar continued to push upward against the Japanese Yen, advancing to the highest level in two months. A daily close above the 61.8% Fibonacci expansion at 125.05 exposes the 125.85-126.15 area (June 5 high, 76.4% level). Alternatively, a turn back below the 50% Fib at 124.17 opens the door for a test of the 38.2% expansion at 123.28.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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: Resistance Now Above 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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