USD/JPY Technical Analysis – Passing on Long Trade Setup
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- USD/JPY Technical Strategy: Flat
- Support: 101.75, 101.32, 100.97
- Resistance: 102.35, 102.71, 103.00
The US Dollar is edging higher against the Japanese Yen after prices put in a bullish Piercing Line candlestick pattern. A daily close above resistance at 102.15, the May 27 high, exposes the May 13 top at 102.35. Near-term support is at 101.75, marked by the bottom of a rising channel set from mid-May. A reversal below that clears the way for a challenge of range bottom support in the 100.97-101.32 area.
We are tactically opting not to pursue a trade within the current narrow and choppy trading range. Rather, we will continue to stand aside and wait for a defined breakout to look for larger opportunities.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.