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USD/JPY Technical Analysis: Drifting Toward Range Top

USD/JPY Technical Analysis: Drifting Toward Range Top

Ilya Spivak,

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Prices Drifting Toward Range Top Above 121.00 Figure
  • Trade Looks Unattractive from Risk/Reward Perspective

The US Dollar is drifting higher toward the top of its choppy consolidation range above the 121.00 figure against the Japanese Yen. Prices are working on a fifth consecutive daily advance after sellers failed to muster adequate momentum to breach support below the 119.00 figure on a second retest.

From here, a daily close above the 38.2% Fibonacci expansion at 120.77 opens the door for a test of the 50% level at 121.43. Alternatively, a move below the 23.6% Fib at 119.94 clears a path for a challenge of the 14.6% expansion at 119.43.

Positioning does not seem to offer a compelling trading opportunity at this time. On one hand, prices are too close to near-term resistance to justify entering long from a risk/reward perspective. On the other, the absence of a defined bearish reversal signal means taking up the short side is probably premature. We will remain on the sidelines for now and wait for a more attractive setup to present itself.

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