Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

USD/JPY: Resistance Sub-126 Targeted

Published 06/02/2015, 01:13 AM
Updated 07/09/2023, 06:31 AM

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 124.49, 123.04, 122.13
  • Resistance: 125.95, 126.85, 127.58

The US dollar is aiming above the 125.00 figure against the Japanese Yen after clearing yet another layer of chart resistance. A daily close above the 123.6% Fibonacci expansion at 125.95 exposes the 138.2% level at 126.85. Alternatively, a reversal below the 100% Fibat 124.49 opens the door for a challenge of the 76.4% expansion at 123.04.

A long position seems tempting from a purely technical perspective but we will tactically opt to remain on the sidelines. We suspect a focus on Federal Reserve policy expectations may weigh on the US dollar this week, warning against taking long bets. As such, we will wait for the coast to clear before committing to a trade.

USD/JPY Daily Chart

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.