USD/JPY Technical Analysis: Familiar Range Still in Play
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- USD/JPY Technical Strategy: Flat
- Support: 123.18, 122.36, 121.54
- Resistance: 124.09, 125.11, 125.93
The US Dollar continues to trade sideways in a choppy above the 122.00 figure against the Japanese having turned declined as expected. A daily close above the 23.6% Fibonacci expansion at 124.09 exposes the 38.2% level at 125.11. Alternatively, a turn below the 38.2% Fibretracement at 123.18 opens the door for a test of the 50% threshold at 122.36.
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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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com