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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 119.62, 118.71, 118.32
- Resistance: 120.68, 121.41, 122.13
The US Dollar may be resuming its upward push against the Japanese Yen after prices advanced to a three-week high. Near-term resistance is at 120.68, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 121.41. Alternatively, a turn below trend line resistance-turned-support at 119.62 clears the way for a test of the April 3 lowat 118.71.
A long trade is a tempting proposition on a purely technical basis but we are apprehensive about committing to a directional bias on sentiment-sensitive JPY-based pairs before the week’s high-profile scheduled event risk passes. With that in mind, we remain flat.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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