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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 paused to digest gains after five consecutive daily advances against the Japanese Yen following the establishment of a six-year high. A daily close above the 61.8% Fibonacci expansion at 107.54 exposes the 76.4% level at 108.22. Alternatively, a reversal below the 50% Fib at 106.99 opens the door for a challenge of the 38.2% expansion at 106.44.
The available trading range is too narrow to justify entering a long or short trade at current levels from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more 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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