USD/JPY Technical Analysis: Standstill Below 122.00 Continues

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 120.82, 119.70, 117.17
  • Resistance: 121.91, 123.88, 125.84

The US dollar continues to stall below the 122.00 figure against the Japanese yen as prices await resolution of a challenge to December’s swing high. Near-term resistance is in the 121.84-91 area (December 8 high, 38.2% Fibonacci expansion), with a break above that on a daily closing basis exposing the 50% level at 123.88. Alternatively, a reversal below resistance-turned-support at 120.82, the December 23 high, clears the way for a challenge of rising trend line support at 119.70.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

USD/JPY Technical Analysis

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