Forex Marketz Daily Forex News – Fully Markets Update
The USD/JPY appears to be inching higher as the Dollar has broken a key resistance level. This market has now completed a Flag Chart pattern. A daily close above 120.67 will challenge the technical resistance at 121.42. Should the Dollar push lower, then we note support at 119.65. Daily close below this technical level will challenge the technical support at 118.92
It is more than tempting to go long USD right now. However, we have a significant event risk looming with the FOMC March minutes release this week. This will affect price action when it happens. Due to that, I will exhibit patience and stand aside without making a trade right now.