USD/JPY Technical Analysis – Yen Attempts to Start Advance
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- USD/JPY Technical Strategy: Flat
- Support: 101.84, 101.32, 100.97
- Resistance: 102.13, 102.35, 102.71
The Japanese Yen is attempting to launch an advance against the US Dollar as prices test below support guiding the drift higher since mid-May. A close below support (now at 101.84) exposes the year-to-date range bottom in the 100.97-101.32 area. Near-term resistance is at 102.15, the May 27 high, with a daily close above that exposing the May 13 top at 102.35.
We are tactically opting not to pursue a trade while price action remains locked in choppy consolidation. Furthermore, even a shallow short trade seems premature absent confirmation of a support break. All told, we will continue to stand aside and wait for an actionable setup.
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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.