USD/JPY Technical Analysis: Grinding Toward 103.00 Anew

By DailyFx | August 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: 102.51, 102.28, 101.98
  • Resistance: 102.75, 103.05, 103.53

The US Dollar is trying to renew upward momentum against the Japanese Yen as prices fight to rise toward the 103.00 figure. Near-term resistance is at 102.75, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 103.05. Alternatively, a reversal below the 50% Fib at 102.51 clears the way for a test of 102.28, the intersection of the 38.2% expansion and a rising trend line set from mid-July.

Prices are wedged too closely between near-term support and resistance to justify taking a trade from a risk/reward perspective. We will stand aside for the time being, waiting for a more attractive setup to present itself.

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

USD/JPY Technical Analysis: Grinding Toward 103.00 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric
    Forex News

    Dollar Finds Capital Market Uncertainties Offset Wavering Fed Rhetoric

  2. US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again
    Forex News

    US Dollar Pullback May Be Ahead, SPX 500 Slips Below 2000 Again

  3. US Dollar Technical Analysis: Bullish Momentum Fading?
    Forex News

    US Dollar Technical Analysis: Bullish Momentum Fading?

  4. Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations
    Forex News

    Euro May Be Asymetrically Sensitive if PMI Data Tops Expectations

  5. EUR/USD stuck at 1.2850, new triggers are wanted
    Forex News

    EUR/USD stuck at 1.2850, new triggers are wanted

Trading Center