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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 119.48, 117.98, 115.48
- Resistance: 120.82, 121.91, 123.88
The US Dollar looks set to move back above the 120.00 figure against the Japanese Yen after clearing chart resistance. A daily close above the December 23 highat 120.82 exposes the 38.2% Fibonacci expansionat 121.91. Alternatively, a turn below the 23.6% Fib at 119.48 clears the way for a challenge of the 14.6% expansion at 117.98.
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
