To receive Ilya’s analysis directly via email, please SIGN UP HERE
Talking Points:
USD/JPY Technical Strategy: Flat
Support: 108.24, 107.38, 106.80
Resistance: 109.47, 110.22, 111.45
The US Dollar is treading water as prices remain locked in a well-established range below the 110.00 figure against the Japanese Yen. A daily close above the 14.6% Fibonacci retracementat 109.47 exposes the 23.6% level at 110.22. Alternatively, a turn back below the September 23 low at 108.24 opens the door for a challenge of the September 12 high at 107.38.
Risk/reward considerations argue against entering long as prices sit squarely at resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
USD/JPY Technical Analysis: Rally Stalling Above 109.00
No comments:
Post a Comment