Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (103.790)
The dollar continues to keep trades wondering if it is going to continue higher against the yen or not. We are continuing to trade in a narrow band below ¥104 and there are some signs of a false breakout with a number of Doji formations. We would need to close this current candle, in the red, for a signal that the sellers might come in for a minor correction lower. With the lack of concrete bearish signs, our attention remains focused on ¥103.25/103.00 area to hold.
Looking at the four hour chart there are Dojis and a bearish engulfing candlestick indicating hesitation among buyers. Traders might want to stand aside till there are clear signals before entering trades.
