Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥118.227)
- Resistance Levels: 119.05, 120.30, 121.80
- Support Levels: 117.50, 116.95, 115.70
The dollar has pulled back a bit against the yen. Please note the above MT4 daily chart and the shooting star candlestick. Near term support is at 117.50 which is at the bottom of the rising channel. A daily break, with a close, below this level is bearish for 116.95. Should the short term support hold, we need a break above 119.05. If this happens ten we will target 120.30.
Trading strategy. Is it time to start going short? We are near a support level so, from a risk to reward perspective, not a good time. I do not see any bearish reversal signals either. Until a break below 117.50, I am staying on the sidelines or until a more convincing trade signal develops. Looking at the below 4 hour chart, my flat strategy becomes more justified. Look at the bounce off the trend line and the Dojis. The Dojis indicate hesitation.
Trading strategies are educational in nature and do not constitute trade advice. Please do your own technical analysis before placing any trades.
