USDJPY Technical Price Pattern Analysis

The US Dollar advanced against the Japanese Yen as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the December 23 high at 120.82 exposes the 38.2% Fibonacci expansion at 121.91. Alternatively, a turn below the 23.6% Fib retracement at 117.91 clears the way for a challenge of the 38.2% threshold at 115.48.

Resistance	Support
120.82	117.91
121.91	115.48
123.88	113.51

While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside.