USD/JPY Technical Analysis: Quiet Consolidation Continues
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- USD/JPY Technical Strategy: Flat
- Support: 118.78, 118.02, 117.08
- Resistance: 120.79, 121.55, 122.31
The US Dollar remains in digestion mode, with prices drifting sideways below the 121.00 figure against the Japanese Yen. A daily close above the 38.2% Fibonacci expansion at 120.79 exposes the 50% level at 121.55. Alternatively, a reversal below the 50% Fib retracement at 118.78 opens the door for a challenge of the 61.8% threshold at 118.02.
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