Technical Analysis for USDJPY: Support Below 119.00 with Monthly Pivot 120.14
16 April 2015, 18:11
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US Dollar declined as expected against the Japanese Yen following the
appearance of a bearish Dark Cloud Cover candlestick pattern. A daily
close below the 50% Fibonacci retracementat 118.93 exposes the 61.8%
level at 118.20.
On the other way, the reversal above the 38.2% Fib at 119.66 opens the door for a challenge of the 38.2% Fib expansion at 120.68.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
On the other way, the reversal above the 38.2% Fib at 119.66 opens the door for a challenge of the 38.2% Fib expansion at 120.68.
| Resistance | Support |
|---|---|
| 119.66 | 118.93 |
| 120.68 | 118.20 |
| 121.41 | 117.30 |
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
