Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (121.360)
- Resistance Levels: 121.90, 123.87, 125.85
- Support Levels: 120.81, 119.87, 117.18
- Trade Strategy: Stand Aside
The US Dollar is continuing to wander aimlessly below the key pivot at ¥122 in the USD/JPY Forex market. In order to see some change, we need to resolve the December swing high. Please see the below daily MT 4 chart.
Please note the resistance congestion area at 121.85 to 121.90. A daily close above this level will challenge the next technical resistance level at 123.87. Should the Dollar decline in value, pushing the USD/JPY lower, then note the support at 120.81. This is a stubborn level is also a former resistance level. This is also the price action high set on December 23. A daily close below this level will challenge the technical support at 119.87.
There is no actionable trade right now. From a risk to reward perspective we are too close to a resistance level to enter a longer Dollar trade. There are no bearish reversal signs now as well. So entering a short Dollar (long JPY) would not be fruitful. As I said no actionable trades. I will wait and watch the charts for now.
