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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 118.88, 118.45, 117.91
- Resistance: 119.32, 119.98, 120.73
The US Dollar has stalled near the 119.00 figure against the Japanese Yen once again as markets await key event risk later in the week. 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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