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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 118.93, 118.20, 117.30
- Resistance: 119.66, 120.68, 121.41
The US Dollar declined as expected against the Japanese Yen following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below the 50% Fibonacci retracementat 118.93 exposes the 61.8% level at 118.20. Alternatively, reversal above the 38.2% Fib at 119.66 opens the door for a challenge of the 38.2% Fib expansion at 120.68.
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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