Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥107.782)
The USD/JPY is at a crossroads and traders are at the edge of their seats as the market is below the key technical level of ¥108. Should we see a daily close below this level, we will challenge supports on the way to ¥107.10. The formation of a dark cloud cover, see below MT 4 daily chart, does not bode well for buyers.
Looking at the four hour, or day trading, MT 4 chart below, we see a lot of hesitation from buyers to want to push the dollar higher. It is almost as if they are afraid to commit. We note multiple Dojis and even the formation of a piercing line near the current price level. This is a bearish indication that the USD/JPY will correct lower. This also suggests the bulls are not too convinced to come out for a recovery now. We see some buying interest at ¥107.94 and we could get some support at ¥107.45/107.50. Any buying should be limited at the key technical level of ¥108, where we see a Doji. A Doji indicates hesitation.
