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USD/JPY Technical Analysis: Familiar Range Still in Play

USD/JPY Technical Analysis: Familiar Range Still in Play

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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