USD/JPY Technical Analysis: Buyers Retake 102.00 Figure

By DailyFx | Updated August 11, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.82, 101.43, 101.04
  • Resistance: 102.30, 102.60, 103.08

The US Dollar is attempting to build higher against the Japanese Yen after last week dramatic spiked downward. Near-term support is at 101.82, the 38.2% Fibonacci expansion. A break below that on a daily closing basis exposes the 50% level at 101.43. Alternatively, a push above the 23.6% Fib at 102.30 opens the door for a test of the 14.6% expansion at 102.60.

Our long-term outlook favors USDJPY upside but the recent drop in the S&P 500 warns that risk aversion may fuel liquidation of Yen-funded carry trades, sending the Japanese unit higher. With that in mind, we remain flat for now and look for a pullback as an opportunity to get long at a more attractive level.

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

USD/JPY Technical Analysis: Buyers Retake 102.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

Related Forex Analysis
  1. Investing

    USD/JPY: 2015 Forex Forecast

  2. Forex News

    Weekly Trading Forecast: How Far can the Dollar Go in 2014?

  3. Forex News

    Japanese Yen May Resume Recovery on Year-End Capital Flows

  4. Forex News

    US Dollar Targets Fresh Highs versus Euro, but What Could Change?

  5. Forex News

    USD/JPY rises to 1-week highs

Trading Center