To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 119.48, 117.98, 115.55
- Resistance: 121.91, 123.88, 125.84
The US Dollar has stalled to consolidate gains after reclaiming a hold on the 120.00 figure against the Japanese Yen. Near-term resistance is at 121.91, the 38.2% Fibonacci expansion, with a break above that exposing the 50% level at 123.88. Alternatively, a reversal below the 23.6% Fib at 119.48 opens the door for a challenge of the 14.6% level at 117.98.
While entering long is tempting from a purely technical perspective, we will tactically opt to stand aside. We suspect a Yen recovery may be ahead, warning against taking bets on the currency’s decline. As such, we will remain flat for now.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
original source
