USD/JPY Technical Analysis: Range Support Sub-118.00 Eyed
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- USD/JPY Technical Strategy: Flat
- Support: 117.91, 117.07, 115.48
- Resistance: 119.37, 120.82, 121.91
The US Dollar continues to oscillate in a narrow range below the 120.00 figure against the Japanese Yen. A daily close above falling channel top resistance at 119.37 exposes 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 117.07.
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.