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Talking Points:

• USD/JPY Technical Strategy: Flat

• Support: 121.41, 120.68, 119.93

• Resistance: 122.13, 123.04, 124.49

The US Dollar looks poised to challenge its March top against the Japanese Yen after prices cleared resistance above the 121.00 figure. A daily close above the 61.8% Fibonacci expansion at 122.13 exposes the 76.4% level at 123.04. Alternatively, a reversal back below the 50% Fibat 121.41 opens the door for a challenge of the 38.2% 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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