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: Support Above 124.00 in Focus

USD/JPY Technical Analysis: Support Above 124.00 in Focus

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: 124.10, 123.28, 122.73
  • Resistance: 124.78, 125.20, 125.88

The US Dollar produced a bearish Evening Star candlestick pattern, suggesting a turn downward against Japanese Yen may be ahead. Near-term support is in the 124.17-10 area (resistance-turned-support, August 10 low), with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 123.28. Alternatively, a turn above the 14.6% Fib expansion at 124.78 clears the way for a challenge of the 23.6% threshold at 125.20.

Positioning is inconclusive at this point. On one hand, follow-through on the bearish candle setup has yet to see confirmed follow-through. On the other, the pattern’s presence warns against trying for the long side in line with the dominant long-term trade. We will stay flat for now until greater clarity emerges.

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