USD/JPY Technical Analysis: Still Stuck Below 121.00 Figure

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Talking Points:

• USD/JPY Technical Strategy: Flat
• Support: 120.82, 119.88, 117.17
• Resistance: 121.91, 123.88, 125.84

The US Dollar continues to stall below the 122.00 figure against the Japanese Yen as prices await resolution of a challenge to December’s swing high. Near-term resistance is in the 121.84-91 area (December 8 high, 38.2% Fibonacci expansion), with a break above that on a daily closing basis exposing the 50% level at 123.88. Alternatively, a reversal below resistance-turned-support at 120.82, the December 23 high, clears the way for a challenge of rising trend line support at 119.88.

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