USD/JPY Technical Analysis – Oscillating Around 102.00 Mark
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- USD/JPY Technical Strategy: Flat
- Support: 101.82, 101.32, 100.97
- Resistance: 102.13, 102.35, 102.71
The US Dollar’s path against the Japanese Yen looks increasingly uncertain as prices oscillate in a narrow range but a bullish Piercing Line candle pattern argues for gains. Initial resistance is at 102.15, the May 27 high, with a daily close above that exposing the May 13 top at 102.35. Support comes in at 101.82, marked by the bottom of a rising channel set from mid-May. A turn below that opens the door for a challenge of range bottom support in the 100.97-101.32 area.
We are tactically opting not to pursue a trade while price action remains locked in choppy consolidation. Rather, we will continue to stand aside and wait for a defined breakout to look for larger opportunities.
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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.