Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (120.312)
- Resistance Levels: 121.90, 123.87, 125.85
- Support Levels: 120.80, 119.89, 117.18
- Trade Strategy: Stand Aside
As I am writing this, the Dollar fell a bit on news of wage hikes in Japan. While we are below the support at 120.80, my technical analysis remains the same for now as the support at the bottom of the rising trend channel is holding. Please see the below daily MT 4 chart and note the USD/JPY is still below the pivot at ¥122.
Near term resistance is lining up at the congestion area found at 121.85 to 121.90. A break above this zone will challenge the technical resistance at 123.87. A daily close below the support at 120.80 will challenge the rising trend line support at 119.89. Please note that 120.80 is also a former resistance level now key support.
Price action does not warrant a long or short trade at this time. Right now we are too close to a support level, from a risk to reward perspective for a short Dollar. For now, I am flat waiting a more clear trading opportunity.
