Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥108.773)
- Support Levels: ¥108.20, ¥107.50, ¥106.20
- Resistance Levels: ¥109.20, ¥109.95, ¥110.65
The dollar has stalled out against the Japanese yen. We have seen the formation of what is called a Harami candlestick on our daily chart just below ¥109.20. Should we close below the technical support at ¥108.20 then the gates will open for a move against ¥107.50 and lower.
Should we defend and reverse back towards the resistance levels, we need a daily close back above the technical level of ¥109.20. If this happens then we can test the next level at ¥109.95.
A bit of trading advice about a Harami candlestick. A Harami is not a strong trading signal. You should look for another bearish signal, like a piercing candlestick, before placing short trades. There are also no signs of a bullish reversal. This means we could be stuck in a consolidative pattern. Till clearer signs emerge, one should be cautious.
EUR/USD (1.2849)
- Support Levels: 1.2780, 1.2720, 1.2650
- Resistance Levels: 1.2860, 1.2910, 1.2995
The Euro continues to fall. We are at its lowest price in over 15 months and sellers seem to be in firm control. We are now targeting the key technical support at 1.28. We see shot term support lining up near 1.2780 with a break below that level targeting the support at 1.2720.
Should the euro reverse course, a move above 1.2860 is needed for 1.2865. A break above these levels, with a daily close, sees a test of 1.2910 and higher.
