Sunday, June 29, 2014

USD/JPY Technical Analysis ? Attempting to Extend Decline




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Talking Points:



  • USD/JPY Technical Strategy: Flat


  • Support: 101.32, 100.97, 100.38


  • Resistance: 101.94, 102.13-35, 102.71


The Japanese Yen is aiming to extend its march higher against the US Dollar as USD/JPY tests a support cluster in play since early February. A break below 101.32 on a daily closing basis targets the outer layer of range support at 100.97. Falling channel bottom support-turned-resistance is now at 101.94, with a reversal above that opening the door for a challenge of the May 27 high at 102.13.



Prices are too close to near-term support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal suggesting a long position is premature. On balance, we will remain on the sidelines for now.



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USD/JPY Technical Analysis – Attempting to Extend Decline


Daily Chart – Created Using FXCM Marketscope 2.0



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





USD/JPY Technical Analysis ? Attempting to Extend Decline

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