Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥107.152)
Support Levels: ¥107.01, ¥106.50
Resistance Levels: ¥107.50, ¥108.20
The dollar’s climb higher versus the yen has come to a brief pause after five days of wins. This comes after a fresh six year high was set. We need a close above ¥107.50 then a move above ¥107.55 to target ¥108.20.
Should we continue to move lower, then we need a move below ¥107.00 to target the support level at ¥106.50/45.
A bit of trading strategy. We are seeing a very tight trading band developing, which means entering long or short trades might not be good option for right now. It will not help on a risk or reward scenario and we are also near a support level. Watching might be helpful until either a clear reversal (towards supports) is noted or another bullish signal, like a bullish candlestick starts to form, indicating a move higher.
