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USD/JPY – Dollar Jumps Higher against the Yen

ForexMarketz March 31, 2015 Trading Strategies Leave a comment 642 Views

USD/JPY (119.888)

  • Resistance Levels: 120.69, 121.40, 122.12
  • Support Levels: 119.77, 118.92, 118.20
  • Trade Strategy: Stand Aside

    • usd-jpy-daily-31march-mt4

    The US Dollar has seen more gains in one day in the last seven weeks against its yen counterpart. The USD/JPY found strong support above the pivot at ¥119 and jumped higher. See the below daily MT 4 chart.
    There is a technical resistance, former support at 121.40. A daily close above this level will challenge the next technical support at 121.40. Should the USD/JPY turn lower, there is technical support at 119.77. A break below this level will see a challenge of 118.92.
    Absent a long or short trade setup, I am standing aside. There is no clear pricing direction right now. For now, I will monitor the charts for an actionable trade.

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