To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- 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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
