Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (103.98)
The USD/JPY might have seen a false breakout. Please refer to our daily technical analysis for more on how the dollar’s run has stalled out. A close below ¥104.00 could be cause for some concern, but with a lack of any strong bearish reversal signs, any pullback could be limited. In such a case, we would be very focused on ¥103.50 and then technically significant level at ¥103 to hold.
Looking at the four hour MT4 chart below, we see the first sign of buyer’s hesitation with the formation of a Harami candlestick. On this chart we see short term support at ¥103.65 and then at ¥103.60. These levels are showing good support for now indicating the pullback should be short lived.
