Forex Marketz Daily Forex News – Fully Markets Update
S&P 500 (1,998.98)
The market shot up sharply from the support near 1,985.50, briefly rising back above the key technical barrier of 2,000 before closing at 1,998.98 overnight.
A break above 2,000, with a daily close, will retest the levels at 2,000.50 then 2,001.50. a break above the latter barrier challenges the congestion zone which ranges from 2010.50 towards 2,018.50. Should the market reverse course below 1,985.50, then we could challenge the level at 1,967.50 before moving toward 1,965.50.
USD/JPY (¥107.187)
The U.S. Dollar I stalling a bit here just above the key ¥107 barrier. We are waiting on the Federal Open Market Committee’s (FOMC) policy announcement. Right now we note short term resistance lining up at ¥107.50.
We need a break above ¥107.50, with a close, to challenge the next technical level at ¥108.10 then ¥108.20. A turn back below ¥107.00 targets ¥106.50 at first then ¥106.25.
A bit of strategy for today. We are in a range pattern for right now. A nice tight range between two technical levels that does not make it wise to enter long or short trades for right now. Watching and waiting for a more actionable chart pattern to start emerging is one strategy. Another is to time and buy on the quick dips and rises for the day.
