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Forex: USD/JPY Technical Analysis – Topping Below 104.00 Figure?

Ilya Spivak


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Talking Points:


  • USD/JPY Technical Strategy: Flat
  • Support: 102.65 (23.6% Fib exp.), 101.96 (38.2% Fib exp.)
  • Resistance:103.75 (Mar 7 high)


The US Dollar edged lower against the Japanese Yen as expected after prices showed a bearish Evening Star candlestick pattern. Initial support remains at 102.65, the 23.6% Fibonacci expansion, with a daily close below this barrier clearing the way for a test of the 38.2% level at 101.96. Near-term resistance is still at 103.75, the March 7 high.


Risk/reward considerations continue to argue against taking a short position with prices trading in close proximity to relevant support. On the other hand, a long position taken on the assumption that support will necessarily hold seems premature without a defined reversal signal. We will continue to stand aside for now.


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dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Topping Below 104.00 Figure?

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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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