DailyFX.com -

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 103.64, 103.15, 102.75
  • Resistance: 104.14, 104.44, 105.19

The US Dollar is struggling to overcome resistance above the 104.00 figure against the Japanese Yen after launching aggressively higher last week. A daily close above the 38.2% Fibonacci expansion at 104.14 exposes the August 25 high at 104.44. Alternatively, a turn below the 23.6% Fib retracement at 103.64 opens the door for a challenge of the 38.2% threshold at 103.15.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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

USD/JPY Technical Analysis: Rally Stalling Above 104.00 Level

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Fed Doesn’t Relieve Anxiety, GDP Will Take Shot at Dollar and Equities

  2. Forex News

    USD/JPY: Bulls on its way to conquer 124.50

  3. Forex News

    USD/JPY continuing on the bid, scores high 124.08 s0 far

  4. Forex News

    Global Economy, Central Banks Look for Further Improvement in GDP Data

  5. Forex News

    USD/JPY bids up to challenge 124 handle

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!