DailyFX.com -

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.28, 101.98, 101.80
  • Resistance: 102.51, 102.75, 103.05
The US Dollar is attempting to secure the fifth consecutive day of gains against the Japanese Yen as prices grind toward the 103.00 figure. Near-term resistance is at 102.51, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 102.75. Alternatively, a reversal below the 38.2% Fib at 102.28 clears the way for a test of the 23.6% expansion at 101.98.

Prices are too close resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

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

USD/JPY Technical Analysis: Grinding Toward 103.00 Level

Daily Chart - Created Using FXCM Marketscope 2.0


Filed Under:
Forex pairs in this Article » USD/JPY

comments powered by Disqus
Trading Center