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 is treading water near the 120.00 figure against the Japanese Yen as prices wait for clear-cut direction cues. A daily close above the 38.2% Fibonacci expansionat 121.91 exposes the 50% level at 123.88. Alternatively, a turn below the 23.6% Fib at 119.48 clears the way for a challenge of the 14.6% level at 117.98.
Entering long seems compelling from a technical perspective, but we will tactically opt not to pursue the position. 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
USD/JPY Technical Analysis: Direction Sought Near 120.00
No comments:
Post a Comment