The US Dollar is trying to resume the push higher against the Japanese Yen. A daily close above resistance at 102.84, the 23.6% Fibonacci expansion, exposes the 38.2% level at 104.14. Initial support is at 101.38, the
Risk/reward considerations argue against entering long with prices trading in such close proximity to relevant resistance. On the other hand, an actionable short trade signal is absent. Finally, a strong correlation between USD/JPY and the 10-year US Treasury yield (0.81 on 20-day percent change studies) warns against committing to a direction before the upcoming release of minutes from January's FOMC meeting. We will stand aside for now.