USD/JPY Technical Analysis: Treading Water Above 124.00
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- USD/JPY Technical Strategy: Flat
- Support: 124.12, 123.41, 122.84
- Resistance: 124.56, 125.27, 125.85
The US Dollar continues to stall after prices put in the largest daily decline in a monthagainst the US Dollar last week. Near-term support is at 124.12, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 123.41. Alternatively, a turn above the 14.6% Fib at 124.56 clears the way for a test of the August 12 high at 125.27.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents 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.