USD/JPY Technical Analysis: Still Locked in Familiar Range
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- USD/JPY Technical Strategy: Flat
- Support: 119.41, 117.91, 115.48
- Resistance: 120.82, 121.91, 123.88
The US Dollar is treading water near the 120.00 figure against the Japanese Yen as prices wait for clear-cut direction cues. A daily close above the December 23 highat 120.82 exposes the 38.2% Fibonacci expansionat 121.91. Alternatively, a turn below the 14.6% Fib retracement at 119.41 clears the way for a challenge of the 23.6% threshold at 117.91.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
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Daily Chart - Created Using FXCM Marketscope
--- 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.