USD/JPY Technical Analysis: Grinding Toward 103.00 Level
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- USD/JPY Technical Strategy: Flat
- Support: 102.28, 101.98, 101.80
- Resistance: 102.51, 102.75, 103.05
The US Dollar is attempting to secure the fifth consecutive day of gains against the Japanese Yen as prices grind toward the 103.00 figure. Near-term resistance is at 102.51, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 102.75. Alternatively, a reversal below the 38.2% Fib at 102.28 clears the way for a test of the 23.6% expansion at 101.98.
Prices are too close resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.
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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.