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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 117.34, 115.48, 113.51
- Resistance: 119.41, 120.12, 121.84
The US Dollar declined against Japanese Yenas expected having completed a bearish Three Inside Down candlestick pattern. Near-term support is in the 117.34-91 area, marked by the November 21 low and the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 115.48. Alternatively, a turn above the 14.6% Fib at 119.41 opens the door for a challenge trend line support-turned-resistance at 120.12.
An actionable trade setup is absent for the time being. We will stand aside, waiting for the pair to produce a better-defined long or short trade opportunity.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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