USD/JPY Technical Analysis: Buyers Rejected Below 120.00
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- USD/JPY Technical Strategy: Flat
- Support: 117.91, 117.25, 115.48
- Resistance: 119.57, 120.82, 121.91
The US Dollar recoiled back into a familiar consolidation range having found resistance below the 120.00 figure against the Japanese Yen. Near-term resistance is at 119.57, a falling channel top, with a break above that on a daily closing basis exposing the December 23 high at 120.82. Alternatively, a reversal below the 23.6% Fib retracement at 117.91 opens the door for a test of channel floor support at 117.25.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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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.