Forex: USD/JPY Technical Analysis – Support Found Above 101.00

| 5 mars, 2014 | 0 kommentarer

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.38 (Feb 17 low), 100.75 (Feb 4 low)
  • Resistance:102.84 (23.6% Fib exp.), 104.14 (38.2% Fib exp.)

A decision to pass on a USD/JPY short trade setup yesterday has proven prudent as prices recoiled higher from support at 101.38, the February 17 low. Near-term resistance is at 102.84, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 104.14. Alternatively, a reversal beneath support aims for the February 4 low at 100.75.

Prices are hovering near the middle of their recent range with little evidence to suggest a directional follow-through for either a long or a short position. Furthermore, the pair remains highly correlated with risk sentiment trends, meaning follow-through remain a questionable proposition as prices continue to be vulnerable to the still-evolving crisis in the Ukraine. We will continue to play it safe and stand aside.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis  Support Found Above 101.00

Daily Chart – Created Using FXCM Marketscope 2.0

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

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *