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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 102.04, 101.81, 101.52
- Resistance: 102.25-28, 102.57, 102.71
The US Dollar continues to push upward against the Japanese Yen, with prices rising to the highest level in almost a month. Near-term resistance is in the 102.25-28 area marked by the May 13 close and the 61.8% Fibonacci expansion. A daily close above that initially exposes the 76.4% level at 102.57. Alternatively, a turn below the 50% Fib at 102.04 clears the way for a test of the 38.2% expansion at 101.81.
Prices are wedged too closely between near-term support and resistance levels to justify entering a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.
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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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