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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
USD/JPY Technical Analysis: Break of 2015 Uptrend at Hand?

USD/JPY Technical Analysis: Break of 2015 Uptrend at Hand?

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: 122.84, 122.26, 121.55
  • Resistance: 123.41, 124.12, 124.56

The US Dollar remains under heavy selling pressure against the Japanese Yen as prices threaten a breach of rising trend line support in play since mid-January. In fact, the pair is now within striking distance of testing July’s swing bottom below the 121.00 figure.

A daily close below the 76.4% Fibonacci expansion at 121.11 exposes the 100% level at 119.83. Alternatively, a bounce back above the 61.8% Fib at 121.91 opens the door for a challenge of the 50% retracement at 122.55.

While the trend line breach seems likely considering the depth of prices’ penetration below support, strict confirmation remains absent. Furthermore, a break that puts the pair above the 76.4% Fib or in particularly close proximity to the July low runs the risk of skewing risk/reward considerations against entering short. On balance, we will opt to stand aside for now and monitor the down move’s evolution before committing to a trade.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.