USD/JPY Technical Analysis: Treading Water Above 117.00
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- USD/JPY Technical Strategy: Flat
- Support: 117.64, 115.48, 113.51
- Resistance: 119.48, 120.82, 121.91
The US Dollar advanced against the Japanese Yen as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the 23.6%Fibonacci expansion at 119.48 exposes the December 23 high at 120.82. Alternatively, a turn below 117.64-91 area marked by a horizontal pivot and the 23.6% Fib retracement clears the way for a challenge of the 38.2% threshold at 115.48.
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.