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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 118.07, 116.95, 116.10
- Resistance: 119.00, 120.82, 121.84
The US Dollar pulled back against the Japanese Yen after issuing the biggest daily advance in eight weeks. Near-term resistance is at 119.00, a Triangle chart pattern top, with a break above that on a daily closing basis exposing the December 23 high at 120.82. Alternatively, a reversal below channel top resistance-turned-support at 118.07 opens the door for a test of the pattern’s floor at 116.95.
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
