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The US Dollar continued to move higher against the Japanese Yen as
expected after taking out the top of a Flag chart pattern. A daily close
above the 38.2% Fibonacci expansion at 120.68 exposes the 50% level at
121.41.
Prices are too close to resistance to justify entering long from a
risk/reward perspective. On the other hand, the absence of a defined
bearish reversal signal suggests that taking up the short side is
premature. With that in mind, we will remain flat for now.
Resistance | Support |
---|---|
120.68 | 119.66 |
121.41 | 118.93 |