USD/JPY Technical Analysis: Rally Stalls Above 125.00 Mark
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- USD/JPY Technical Strategy: Flat
- Support: 124.56, 124.12, 123.41
- Resistance: 125.20, 125.88, 126.43
The US Dollar paused to digest gains after rising to the highest level in two months against Japanese Yen. A daily close below the 14.6% Fibonacci retracement at 124.56 exposes the 23.6% level at 124.12. Alternatively, a move above the 23.6% Fib expansion at 125.20 opens the door for a challenge of the 125.85-88 area (June 5 high, 38.2% expansion).
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