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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 117.90, 117.17, 116.24
- Resistance: 120.82, 121.91, 123.88
The US Dollar is treading water against the Japanese Yen after retesting a broken Triangle formation top, now recast as support. A daily close above the December 23 highat 120.82 exposes the 121.84-91 area (December 8 high, 38.2% Fibonacci expansion). Alternatively, a turn below Triangle resistance-turned-support at 117.90 opens the door for a test ofthe January 21 low at 117.17.
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
