- USD/JPY Technical Strategy: Flat
- Support: 102.71, 102.45, 102.25
- Resistance: 103.03, 103.50, 103.79
The US Dollar may have completed a major upward breakout against
Japanese Yen after prices cleared resistance capping gains since
January. The bulls now aim to challenge the 100%Fibonacci expansion at
103.03, with a break above that on a daily closing basis exposing the
123.6% level at 103.50. Alternatively, a reversal back below
resistance-turned-support at 102.71 – the April 22 high – opens the door
for a retest of the broken trend line (now at 102.45).
