USD/JPY Technical Analysis: August High in the Crosshairs
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- USD/JPY Technical Strategy: Flat
- Support: 104.04, 103.64, 103.15
- Resistance: 104.34-44, 104.84, 105.24
The US Dollar is attempting to renew its uptrend against Japanese Yen, with prices clawing their way back above the 104.00 figure. A daily close above the 10434-44 area marked by the 23.6% Fibonacci expansion and the August 25 high exposes the 38.2% level at 104.84. Alternatively, a turn below the 14.6% expansion at 104.04 opens the door for a challenge of the 23.6% Fib retracement at 103.64.
The available trading range is too narrow to justify taking up a long or short position from a risk/reward perspective. With that in mind, we will continue to stand aside for the time being and wait for an actionable 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.