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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 119.32, 118.88, 118.45
- Resistance: 120.03, 120.73, 121.53
The US Dollar recoiled from trend line resistance and may be readying to resume its expected reversal against the Japanese Yen. A daily close below the 38.2% Fibonacci expansion at 119.32 exposes the 50% level at 118.88. Alternatively, a push above trend line resistance at 120.03 opens the door for a challenge of the April 9 high at 120.73.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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