USD/JPY Technical Analysis – Attempting Cautious Upswing

By DailyFx | June 18, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.72 (channel bottom), 101.97-101.32 (range floor)
  • Resistance: 102.35 (May 13 high), 102.71 (Apr 22 high)

The US Dollar is attempting to build upward against the Japanese Yen after putting in a bullish Piercing Line candlestick pattern. Near-term resistance is at 102.35, the May 13 high, with a break above that on a daily closing basis exposing the April 22 top at 102.71. Support lines up at the bottom of a rising channel set from mid-May, now at 101.72. A reversal below exposes range bottom support in the 100.97-101.32 area.

Current positioning does not offer an actionable trade setup. We will opt to remain on the sidelines for the time being, waiting for a more attractive opportunity to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

USD/JPY Technical Analysis – Attempting Cautious Upswing

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. SEB: EUR/USD sellers just above resistance - eFXnews
    Forex News

    SEB: EUR/USD sellers just above resistance - eFXnews

  2. USD/JPY shows another attempt to reach recent highs
    Forex News

    USD/JPY shows another attempt to reach recent highs

  3. EUR/GBP testing the range bottom before the UK data
    Forex News

    EUR/GBP testing the range bottom before the UK data

  4. What’s the sentiment around the EUR/USD today? – OCBC Bank and Scotiabank
    Forex News

    What’s the sentiment around the EUR/USD today? – OCBC Bank and Scotiabank

  5. GBP/USD attacks 1.63 area again
    Forex News

    GBP/USD attacks 1.63 area again

Trading Center