![USDJPY Technical Analysis: Price Is Below 120.00 Psy Level USDJPY Technical Analysis: Price Is Below 120.00 Psy Level](https://c.mql5.com/6/260/splash-253428.png)
![Sergey Golubev Sergey Golubev](https://c.mql5.com/avatar/2012/12/50D09349-3D90.jpg)
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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 |
---|---|
119.48 | 117.98 |
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.