USD/JPY Technical Analysis: Still Lacking Direction Cues
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- USD/JPY Technical Strategy: Flat
- Support: 118.79, 118.45, 117.91
- Resistance: 119.32, 119.80, 120.73
The US Dollar continues to stall near the 119.00 figure against the Japanese Yen as prices struggle to find clear-cut direction cues. A daily close below the 118.79-88 area (April 6 low, 50% Fibonacci expansion) exposes the 61.8% level at 118.45. Alternatively, a reversal above the 38.2% Fib at 119.32 opens the door for a challenge of falling trend line resistance at 119.80.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com