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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support:122.36, 121.54, 120.52
- Resistance:123.18, 124.20, 124.83
The US Dollar gapped lower at the open of the trading week but prices subsequently recovered to finish back within their recent range against the Japanese Yen. A daily close below the 50% Fibonacci retracementat 122.36 exposes the 61.8% level at 121.54. Alternatively, a reversal above the 38.2% Fibat 123.18 opens the door for a test of the 23.6% retracement at 124.20.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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