USD/JPY Technical Analysis: Upswing Stalls at 103.00 Figure

By DailyFx | August 01, 2014 AAA

DailyFX.com -

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.71, 102.43, 102.25
  • Resistance: 103.03, 103.50, 103.79

The US Dollar appears to have forced a major turning point against the Japanese Yen after breaking above resistance limiting the upside since January. Near-term resistance is at 103.03, the 100%Fibonacci expansion, with a daily close above that exposing the 123.6% level at 103.50. Alternatively, a turn below resistance-turned-support marked by the April 22 high at 102.71 clears the way for a challenge of the broken trend line, now at 102.43.

Prices are wedged too closely between near-term support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.

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

USD/JPY Technical Analysis: Upswing Stalls at 103.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. USD/JPY Daily Outlook - September 19
    Investing

    USD/JPY Daily Outlook - September 19

  4. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center