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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 116.96, 116.37, 115.78
- Resistance: 118.28, 118.86, 120.82
The US Dollar continues to consolidate in familiar territory below the 119.00 figure against the Japanese Yen. Near-term channel top resistance is at 118.28, with a break above that on a daily closing basis exposing the January 20 high at 118.86. Alternatively, a reversal below the intersection of channel floor support and the 38.2% Fibonacci expansion in the 116.96-117.18 area opens the door for a test of the 50% level at 116.37.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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