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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 123.67, 123.18, 122.39
- Resistance: 124.56, 125.85, 126.68
The US Dollar may be preparing to turn lower against the Japanese Yen after finding resistance below the 125.00 figure. A daily close below the 14.6% Fibonacci retracementat 123.67 exposes the 23.6% level at 123.18. Alternatively, a reversal above the 76.4% Fib retracement at 124.56 opens the door for a test of the June 5 high at 125.85.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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