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USD/JPY: Yen Gains Most In 7 Months

Published 06/11/2015, 05:18 AM
Updated 07/09/2023, 06:31 AM

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 122.36, 121.54, 120.52
  • Resistance: 123.18, 124.20, 124.83

The US dollar turned sharply lower against the Japanese yen as expected, with prices producing the largest daily decline in seven months. Near-term support is at 122.36, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 121.54. Alternatively, a turn above the 38.2% Fib at 123.18 clears the way for a challenge of the 23.6% retracement at 124.20.

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 an actionable opportunity to present itself.

USD/JPY Technical Analysis Chart

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