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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 116.96, 115.71, 113.70
- Resistance: 119.05, 120.27, 121.79
The US Dollar may be carving out a top against the Japanese Yen after prices put in a Shooting Star candlestick having touched a seven-year high. A daily close below the 14.6% Fibonacci retracement at 116.96 exposes the 23.6% level at 115.71. Alternatively, a push above the 50% Fib expansion at 119.05 clears the way for a challenge of the 61.8% threshold at 120.27.
A Shooting Star candle is indicative of indecision and does not make for an actionable short trade signal by itself without added confirmation. With that in mind, we will continue to stand aside for now until a more compelling trade setup presents itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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