DailyFX.com -

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.32, 100.75, 100.38
  • Resistance: 102.25, 102.71, 103.00

The US Dollar is struggling to find direction against the Japanese Yen as prices oscillate in a choppy range above the 101.00 figure. A daily close below support at 101.32, marked by a horizontal pivot level and the floor of a Triangle chart patternset early February, targets swing lows in the 100.75-81 area. Alternatively, a turn above resistance at 102.25 clears the way for a challenge of 102.71, the intersection of the Triangle top and a two-month range top.

Overall positioning remains heavily congested, with directional follow-through seemingly difficult to come by. With that in mind, we will continue to stand aside until a defined break from the Triangle pattern offers greater clarity on a dominant directional bias.

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

USD/JPY Technical Analysis: Still Stuck in Familiar Territory

Daily Chart - Created Using FXCM Marketscope 2.0

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY keeps the neutral bias near term – Westpac

  2. Forex News

    USD/JPY: Pressuring into key fib resistance

  3. Forex News

    Pound May Rise as 2Q UK GDP Data Boosts BOE Rate Hike Bets

  4. Forex News

    USD/JPY Technical Analysis: Trying to Clear Path Sub-123.00

  5. Forex News

    Kiwi strongest in Asia, UK Prelim Q2 GDP - Key

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!