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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 116.96, 116.37, 115.78
- Resistance: 117.68, 118.86, 120.82
The US Dollar may see deeper losses against the Japanese Yen after prices edged below weekly range support. Near-term support is at 116.96, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 116.37. Alternatively, a reversal above the 23.6% Fib at 117.68 opens the door for a test January 20 high at 118.86.
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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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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