Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (120.082)
- Resistance Levels: 120.80, 121.54, 122.30
- Support Levels: 119.17, 118.77, 118.01
- Trade Strategy: Stand Aside
The USD/JPY is pausing just below the ¥121 Pivot. There is choppy, sideways trade below this level, as evident on the below daily MT 4 chart.
Today, near term support is lining up at the trend line. This figure is 119.17. A daily close below this level will challenge the technical support at 118.77. Should the USD/JPY turn higher, then there is technical resistance at 120.80. A break above this level challenges the technical resistance at 121.54.
Price action is inconclusive for a long or short Dollar trade. I will opt to stand aside and monitor the charts for a more actionable trade set up to come along.
