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USD/JPY Technical Analysis: Stalling Above 124.00 Figure

USD/JPY Technical Analysis: Stalling Above 124.00 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 124.12, 123.41, 122.84
  • Resistance: 124.56, 125.27, 125.85

The US Dollar is marking time against the US Dollar after recording the largest daily decline in a month. A daily closing below the 23.6% Fibonacci retracementat 124.12 exposes the 38.2% level at 123.41. Alternatively, a move above the 14.6% Fib at 124.56 opens the door for a challenge of the August 12 high at 125.27.

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.

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--- 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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