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Talking Points:
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USD/JPY Technical Strategy: Flat
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Support: 108.76 107.95 106.63
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Resistance: 109.68 110.43 111.64
The US Dollar turned sharply lower against the Japanese Yen as expected posting the largest daily drop in six months. A daily close below the 14.6% Fibonacci retracement at 108.76 exposes the 23.6% level at 107.95. Alternatively a turn above the 14.6% Fib expansion at 109.68 opens the door for a challenge of the 23.6% threshold at 110.43.
Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now waiting for a more actionable opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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