Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 118.78, 118.02, 117.08
- Resistance: 120.05, 120.79, 121.55
The US Dollar remains in digestion mode, with prices drifting sideways below the 121.00 figure against the Japanese Yen. A daily close below the 50% Fibonacci retracement at 118.78 exposes the 61.8% level at 118.02. Alternatively, a reversal above trend line resistance at 120.05 opens the door for a challenge of the 38.2% Fib expansion at 120.79.
An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI