Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (120.526)
- Resistance Levels: 120.67, 121.40, 122.12
- Support Levels: 119.65, 118.92, 118.20
- Trade Strategy: Stand Aside
It looks like the US Dollar is getting ready to pullback against it yen counterpart. Please refer to the below daily MT 4 chart and note the bearish Dark Cloud Cover forming. This is the bearish indicator.
Near term support is lining up at 119.65. A daily close below this level challenges the technical support at 118.92. Should the USD/JPY move higher, note near term technical resistance lining up at 120.67. A break above this level challenges the technical resistance level at 121.40.
It appears that entering a short USD is at the perfect timing and setup. However, I am going to stand aside for now. Looking at the chart, it would appear the USD is more than most likely going to move higher as we are in a long term bullish Dollar run in this market. This is a warning. Why? Any USD weakness could simply be corrective setting up a better long USD trade in the future.
