USD/JPY Technical Analysis: Oscillating Below 121.00 Level
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- USD/JPY Technical Strategy: Flat
- Support: 119.18, 118.78, 118.02
- Resistance: 120.79, 121.55, 122.31
The US Dollar continues to consolidate in a choppy range below the 121.00 figure against the Japanese Yen. Near-term trend line support is at 119.18, with a break below that on a daily closing basis exposing the 50% Fibonacci retracement at 118.78. Alternatively, a turn above the 38.2% Fib expansion at 120.79 clears the way for a test of the 50% threshold at 121.55.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.