USDJPY Technical Analysis: Price Is Below 120.00 Psy Level

USDJPY Technical Analysis: Price Is Below 120.00 Psy Level

20 December 2014, 21:11
Sergey Golubev
0
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The US Dollar paused to digest below the 120.00 figure after posting the largest daily advance in seven weeks against the Japanese Yen. Near-term resistance is at 119.48, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 121.91. Alternatively, a turn below the 14.6% Fib at 117.98 opens the door for a challenge of the December 16 low at 115.55.

Resistance
 Support
119.48117.98
121.91
115.55
123.88
114.13

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, waiting for a more actionable opportunity to present itself.
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