USD/JPY Technical Analysis: Retesting Weekly Lows Anew

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Talking Points:

• USD/JPY Technical Strategy: Flat
• Support:122.36, 121.54, 120.52
• Resistance:123.18, 124.20, 124.83

The US Dollar is facing renewed selling pressure, with prices probing weekly lows against the Japanese Yen. Near-term support is at 122.36, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 121.54. Alternatively, a turn above the 38.2% Fibat 123.18 clears the way for a challenge of the 23.6% retracement at 124.20.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com