The US Dollar is attempting to re-launch its advance against the Japanese Yen. A break above resistance at 102.84, the 23.6% Fibonacci expansion, targets the 38.2% level at 104.14. Initial support is at 101.38, the
Risk/reward considerations call against entering long with prices trading too close to near-term resistance. On the hand, the absence of an actionable bearish reversal argues against attempting to take a shot on the short side. As such, we will remain on the sidelines for now, waiting for an attractive opportunity to buy the pair in line with the long-term uptrend.