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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 123.04, 122.13, 121.41
- Resistance: 124.49, 125.95, 126.85
The US Dollar pressed upward for a fifth consecutive day against the Japanese Yen, testing levels unseen since 2002. A daily close above the 100% Fibonacci expansion at 124.49 exposes the 123.6% level at 125.95. Alternatively, a reversal below the 76.4% Fibat 123.04 opens the door for a challenge of the 61.8% expansion at 122.13.
While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside. The upcoming release of revised first-quarter US GDP figures represents significant event risk that may derail technical positioning.We will wait for the coast to clear before committing to a directional bias.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
