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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 106.99. 106.44, 105.77
- Resistance: 107.54, 108.22, 109.31
The US Dollar continues its unrelenting rally against the Japanese Yen, with prices setting a new six-year high. Near-term resistance is at 107.54, the 61.8% Fibonacci expansion, with a break above that on a daily closing basis exposing the 76.4% level at 108.22. Alternatively, a turn below the 50% Fib at 106.99 clears the way for a test of the 38.2% expansion at 106.44.
Prices are wedged too closely between near-term support and resistance levels to justify entering a trade from a risk/reward perspective. We will continue to stand aside for the time being, waiting for an actionable opportunity to emerge.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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