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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 122.31, 121.55, 120.79
- Resistance: 123.26, 124.78, 126.31
The US Dollar moved sharply higher against the Japanese Yen, with prices rising to levels unseen in nearly eight years. A daily close above the 76.4% Fibonacci expansion at 123.26 exposes the 100% level at 124.78. Alternatively, a reversal back below the 61.8% Fibat 122.31 opens the door for a challenge of the 50% expansion at 121.55.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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