Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥108.77)
The dollar to yen currency pair is keeping trader on the edge of their seats. The recently formed dark cloud cover, see below daily MT 4 Chart, indicates weakness ahead. We are hovering around the key support of ¥108. A daily close below that will open the doors for a steeper correction towards ¥107.25 then the level found at ¥107.
The 4 hour intraday chart, seen below, gives a different view. We note piercing line that has formed and another that looks to be forming. The second on still needs confirmation. This gives buyers some hope. The first formation was confirmed, with a successive up tick. Will the second? This will probably dictate trading the rest of the day.
