The US Dollar is consolidating gains against the Japanese Yen having
advanced as expected after forming a Bullish Engulfing candlestick
pattern. Near-term resistance is at 119.48, the 23.6%Fibonacci
expansion, with a break above that on a daily closing basis exposing the
December 23 high at 120.82. Alternatively, a reversal below the 23.6%
Fib retracement at 117.91 opens the door for a test of the 38.2%
threshold at 115.48.
| Resistance | Support |
|---|---|
| 119.48 | 117.91 |
| 120.82 | 115.48 |
| 121.91 | 113.51 |
