USD/JPY Technical Analysis: Grinding Toward 103.00 Anew
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- USD/JPY Technical Strategy: Flat
- Support: 102.51, 102.28, 101.98
- Resistance: 102.75, 103.05, 103.53
The US Dollar is trying to renew upward momentum against the Japanese Yen as prices fight to rise toward the 103.00 figure. Near-term resistance is at 102.75, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 103.05. Alternatively, a reversal below the 50% Fib at 102.51 clears the way for a test of 102.28, the intersection of the 38.2% expansion and a rising trend line set from mid-July.
Prices are wedged too closely between near-term support and resistance to justify taking a trade from a risk/reward perspective. We will stand aside for the time being, waiting for a more attractive setup 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.