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Talking Points:
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USD/JPY Technical Strategy: Flat
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Support: 101.32, 100.75, 100.38
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Resistance: 102.25, 102.71, 103.00
The US Dollar is struggling to find direction against the Japanese Yen as prices oscillate in a choppy range above the 101.00 figure. A daily close below support at 101.32, marked by a horizontal pivot level and the floor of a Triangle chart patternset early February, targets swing lows in the 100.75-81 area. Alternatively, a turn above resistance at 102.25 clears the way for a challenge of 102.71, the intersection of the Triangle top and a two-month range top.
Overall positioning remains heavily congested, with directional follow-through seemingly difficult to come by. With that in mind, we will continue to stand aside until a defined break from the Triangle pattern offers greater clarity on a dominant directional bias.
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Daily Chart - Created Using FXCM Marketscope 2.0
-- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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