USD/JPY Technical Analysis – Passing on Long Trade Setup

By DailyFx | June 19, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.75, 101.32, 100.97
  • Resistance: 102.35, 102.71, 103.00

The US Dollar is edging higher against the Japanese Yen after prices put in a bullish Piercing Line candlestick pattern. A daily close above resistance at 102.15, the May 27 high, exposes the May 13 top at 102.35. Near-term support is at 101.75, marked by the bottom of a rising channel set from mid-May. A reversal below that clears the way for a challenge of range bottom support in the 100.97-101.32 area.

We are tactically opting not to pursue a trade within the current narrow and choppy trading range. Rather, we will continue to stand aside and wait for a defined breakout to look for larger opportunities.

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

USD/JPY Technical Analysis – Passing on Long Trade Setup

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center