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- USD/JPY Technical Strategy: Flat
- Support: 101.71, 101.32, 100.75
- Resistance: 102.25, 102.71, 103.00
The US Dollar corrected lower following a tentative upside break against the Japanese Yen after finding resistance above the 102.00 figure. A break below falling trend line resistance-turned support at 101.71 targets a major barrier at 101.32, the side of a horizontal pivot capping the downside since early February and the bottom of a large Triangle pattern containing price action thus far this year. Alternatively, a reversal above 102.25 on a daily closing basis aims for the intersection of the Triangle top and two-month range top at 102.71.
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
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