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USD/JPY Technical Analysis: Waiting for Direction Trigger

USD/JPY Technical Analysis: Waiting for Direction Trigger

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 117.43, 116.96, 116.37
  • Resistance: 118.86, 120.82, 121.84

The US Dollar continues to consolidate below the 119.00 figure against the Japanese Yen having attempted to launch a recovery as expected. Near-term resistance is at 118.86, the January 20 high, with a break above that on a daily closing basis exposing the December 23 top at 120.82. Alternatively, a reversal below range support at 117.43 opens the door for a test of the 38.2% Fibonacci expansion at 116.96.

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 provides forex news and technical analysis on the trends that influence the global currency markets.