USD/JPY Technical Analysis – Yen Moves to 2-Week High

By DailyFx | June 12, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.01 (23.6% Fib exp.), 101.52 (38.2% Fib exp.)
  • Resistance: 102.30-37 (14.6% Fib exp., channel floor), 102.77 (June 4 high)

The US Dollar declined as expected against the Japanese Yen after prices produced a Bearish Engulfing candlestick pattern. Near-term support is now at 101.52the 38.2%Fibonacci expansion, with a break below that exposing the 50% level at 101.13. Resistance is at 102.01, the 23.6% Fib. A daily close above this barrier opens the door for a challenge of the 14.6% expansion at 102.30.

Risk/reward considerations argue against entering short with prices sitting just above support. On the other hand, taking up the long side is premature absent a defined bullish reversal signal. We will remain flat for now.

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

USD/JPY Technical Analysis – Yen Moves to 2-Week High

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...
    Forex News

    Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...

  2. USD/JPY to Eye Fresh Highs on Less-Dovish FOMC, More BOJ Easing
    Forex News

    USD/JPY to Eye Fresh Highs on Less-Dovish FOMC, More BOJ Easing

  3. Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends
    Forex News

    Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends

  4. USD/JPY anchored on 108 handle
    Forex News

    USD/JPY anchored on 108 handle

  5. USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting
    Forex News

    USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting

Trading Center