Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (119.807)
- Resistance Levels: 120.80, 121.90, 123.87
- Support Levels: 119.21, 117.18, 115.49
- Trade Strategy: Stand Aside
The Dollar is struggling to rise and build momentum against the Japanese yen. Please see the below daily MT 4 chart and see the USD/JPY stuck in the rising channel as it is having a tough time bouncing higher from the support.
A daily close above 120.80, the December 23 high, will challenge the technical resistance level at 121.90. This is the December 8 high. Should the USD/JPY fall through channel support and below 119.21, with a daily close, then we would see a challenge of 117.18.
The trading range is too narrow to justify a short USD at this time. We are also too close to support from a risk to reward perspective. There are no clear bullish signals to justify long trade as well. My strategy is to stand aside and wait for a better trade signal to present itself.
