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USD/JPY Technical Analysis: Choppy Range Still in Play

USD/JPY Technical Analysis: Choppy Range Still in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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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USD/JPY Technical Analysis: Choppy Range Still in Play

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.

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