USD/JPY Technical Analysis: Break of 2015 Uptrend at Hand? (24/08/15)
- Support: 122.84, 122.26, 121.55
- Resistance: 123.41, 124.12, 124.56
The US Dollar remains under heavy selling pressure against the Japanese Yen as prices threaten a breach of rising trend line support in play since mid-January. In fact, the pair is now within striking distance of testing July’s swing bottom below the 121.00 figure.
A daily close below the 76.4% Fibonacci expansion at 121.11 exposes the 100% level at 119.83. Alternatively, a bounce back above the 61.8% Fib at 121.91 opens the door for a challenge of the 50% retracement at 122.55.