- USD/JPY Technical Strategy: Flat
- Support: 103.53, 103.05, 102.75
- Resistance: 104.00-12, 104.30, 104.54
The US Dollar is hovering near the highest levels in five months against the Japanese Yen after rallying the most since mid-March earlier in the week. A daily close above the 104.00-12 area marked by the 123.6% Fibonacci expansion and the April 4 swing high exposes the 138.2% level at 104.30. Alternatively, a turn below the 100% Fib at 103.53 opens the door for a challenge of the 76.4% expansion at 103.05.
We will remain flat for now.
