The Japanese Yen is continues to rise against the US Dollar after producing a Hanging Man candlestick. Prices are testing support at 101.59, the 23.6% Fibonacci expansion, with a break below this boundary exposing the 38.2% level at 100.90. Near-term resistance is at 102.69, the
A short position at current levels looks unattractive from a risk/reward perspective as prices trade squarely at immediate support. On the other hand, a long trade is premature absent confirmation of reversal. Indeed, the presence of support by no means guarantees that it will necessarily hold. We will remain on the sidelines for now.