Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥119.054)
The USD/JPY has finally cracked above the ¥119 handle after momentum returned to the market. If you note the above daily MT 4 chart you will see a whole string of Dojis which indicate seller hesitation before the buyers returned. With this break above 119, we need a daily close at this point to target the next significant level at 119.79/80.
The below 4 hour chart paints virtually the same picture as the daily chart. There are no bearish reversal indicators anywhere near our current price level. Still, because we are at a key technical level, standing aside from a risk to reward perspective makes sense. We need to close above the ¥119 level with strength before I consider jumping in with a long position. Thanks to no reversal signals, I am reluctant to short now as well. My strategy remains flat at this moment.
Please remember that trade strategies are educational only and are not meant to be buy or sell signals. Always do your own technical analysis to back my view up before placing a trade.
