USD/JPY Technical Analysis: Seeking Upward Momentum
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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 regain traction against the Japanese Yen after hitting a two-week low beneath the 102.00 figure. A daily close above the 50% Fibonacci expansion at 102.51 exposes the 61.8% level at 102.75. Alternatively, a turn below the intersection of a rising trend line and the 38.2% Fib at 102.28 opens the door for a challenge of the 23.6% expansion at 101.98.
The available trading range is too narrow to justify taking a short or a long position at current levels from a risk/reward perspective. We will remain flat for now, waiting for a more attractive opportunity to present itself.
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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.