(MENAFN- DailyFX) DailyFX.com - r>
To receive Ilya's analysis directly via email please SIGN UP HERE
Talking Points:
-
USD/JPY Technical Strategy: Flat
-
Support: 107.89 106.54 105.45
-
Resistance: 110.19 110.65 111.54
The US Dollar dipped to a three-week low against the Japanese Yen but prices failed to break through familiar range support. A daily close below the 23.6% Fibonacci retracement at 107.89 exposes the 38.2% level at 106.54. Alternatively a turn above the 110.08-19 area marked by the 23.6% Fib expansion and the October 1 high opens the door for a challenge of the August 15 2008 top at 110.65.
Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand the absence of a defined bullish reversal signal suggests taking up the long 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
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.