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Talking Points:
- USD/JPY Technical Strategy: Flat
- Support: 122.36, 121.54, 120.52
- Resistance: 123.46, 124.09, 125.11
The US Dollar is facing renewed selling pressure, with prices aiming to challenge June lows above the 122.00 figure against the Japanese Yen. A daily close above the 50% Fibonacci retracement at 122.36 exposes the 61.8% level at 121.54. Alternatively, a reversal above the 14.6% Fibexpansion at 123.46 opens the door for a test of the 23.6% threshold at 124.09.
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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— Written by Ilya Spivak, Currency Strategist for DailyFX.com