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USDJPY Technical Analysis: 104.00 Figure in the Spotlight

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by , 08-22-2014 at 06:34 PM (2905 Views)
      
   
Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 103.53, 103.05, 102.75
  • Resistance: 104.00-12, 104.30, 104.54

The US Dollar is hovering near the highest levels in five months against the Japanese Yen after rallying the most since mid-March earlier in the week. A daily close above the 104.00-12 area marked by the 123.6% Fibonacci expansion and the April 4 swing high exposes the 138.2% level at 104.30. Alternatively, a turn below the 100% Fib at 103.53 opens the door for a challenge of the 76.4% expansion at 103.05.

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Risk/reward considerations argue against entering long with prices in close proximity to 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.



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



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