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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 101.32, 100.97, 100.38
- Resistance: 101.90, 102.13-35, 102.71
The US Dollar is trying to edge higher against the Japanese Yen having tested the outer layer of range support dating back to early February. Near-term resistance comes in at a falling trend line set from the June 4 high, now at 101.90. A break above that on a daily closing basis exposes the 102.13-35 area, marked by the May 27 and May 13 swing highs. Long-standing range support is in the 100.97-101.32 zone. A move below that initially targets a horizontal pivot at 100.38.
Overall positioning remains heavily congested and looming event risk by way of the US Employment report warns against taking directional bets at this point. We will continue to stand aside, waiting for a more actionable opportunity to emerge.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
