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Technical Analysis – USDJPY maintains range

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USDJPY opened on Wednesday at 120.23 and extended lower from the previous day’s high of 120.43. Immediate support is seen at the 38.2% Fibonacci retracement level of the upleg from 115.84 to 122.01.

The low of December 16, 2014 at 115.55 is a critical level and a break below this would weaken the underlying long term bullish trend that has been in place since 2012. Consequently, a double top chart pattern would be completed.

In the medium term, the trend has been neutral and the market has been trading in a range between 115.55 and capped at 122.01. For now, support has been provided by the daily Ichimoku cloud.

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