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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 123.18, 122.39, 121.75
- Resistance: 123.67, 124.56, 125.85
The US Dollar corrected higher after reversing downward against the Japanese Yen as expected having found resistance below the 125.00 figure. A daily close below the 23.6% Fibonacci expansionat 123.18 exposes the 38.2% level at 122.39. Alternatively, a turn above the 14.6% expansion at 123.67 opens the door for a test of the 76.4% Fib retracement at 124.56.
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.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
