USD/JPY Technical Analysis: Rally Stalls Above 125.00 Mark
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/JPY Technical Strategy: Flat
- Support: 124.56, 124.12, 123.41
- Resistance: 125.20, 125.88, 126.43
The US Dollar paused to digest gains after rising to the highest level in two months against Japanese Yen. A daily close below the 14.6% Fibonacci retracement at 124.56 exposes the 23.6% level at 124.12. Alternatively, a move above the 23.6% Fib expansion at 125.20 opens the door for a challenge of the 125.85-88 area (June 5 high, 38.2% expansion).
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling 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.