USD/JPY Technical Analysis: Choppy Range Still in Play
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- USD/JPY Technical Strategy: Flat
- Support: 118.78, 118.02, 117.08
- Resistance: 119.93, 120.79, 121.55
The US Dollar continues to oscillate in a now-familiar choppy range below the 121.00 figure against the Japanese Yen. Near-term support is at 118.78, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 118.02. Alternatively, a turn above trend line resistance at 119.93 clears the way for a test of the 38.2% Fib expansion at 120.79.
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