USD/JPY Technical Analysis – Stalling at Channel Floor

| 10 april, 2014 | 0 kommentarer

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.54 (channel floor, 76.4% Fib ret.), 100.75 (Feb 4 low)
  • Resistance: 102.03 (61.8% Fib ret.), 102.43- 62 (50% Fib ret., horizontal pivot)

The US Dollar is resting at key support marked by the bottom of a rising channel that has guided the uptrend against the Japanese Yen since early February. This barrier is reinforced by the 76.4% Fibonacci retracement at 101.54, with a break downward initially targeting the February 4 low at 100.75. Near-term resistance is at 102.03, the 61.8% level. A reversal above that eyes the 102.43-62 area marked the 50% Fib and a horizontal pivot in play since early March.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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

dailyclassics_usd-jpy_body_Picture_10.png, USD/JPY Technical Analysis  Stalling at Channel Floor

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for

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 *