USD/JPY Technical Strategy: Flat
Support: 101.61 (50% Fib exp.), 101.28 (61.8% Fib exp.)
Resistance: 101.94 (38.2% Fib exp.), 102.35 (23.6% Fib exp.)
The US Dollar is stalling against Japanese Yen having met resistance below the 102.00 figure. A break above the 38.2% Fibonacci expansion at 101.94 on a daily closing basis initially targets the 23.6% level at 102.35. The first layer of support is at 101.61, the 50% Fib, with a break below that clearing the way for a challenge of the 61.8% expansion at 101.28.
The available trading range is too narrow to justify taking a trade on the long or the short side from a risk/reward perspective. With that in mind, we will remain on the sidelines for now, waiting for a more actionable opportunity to present itself.
Read more here: USD/JPY 02/06/2014