The US Dollar recoiled downward against the Japanese Yen after seemingly securing an upside breakout
earlier in the week. A daily close below Triangle top
resistance-turned-support at 118.81 exposes the top of a recently broken
channel at 118.01. Alternatively, a push above the December 23 high at
120.82 opens the door for a test of the 121.84-91 zone (December 8 high,
38.2% Fibonacci expansion).
An actionable trade setup is absent at this point,
arguing against committing to a directional bias on long or short side.
We will continue to stand aside for now, waiting for a clear-cut trading
opportunity to present itself in the days ahead.
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