Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (119.271)
- Resistance Levels: 119.65, 120.80, 121.85
- Support Levels: 118.92, 118.20, 117.28
- Trade Strategy: Stand Aside
The US Dollar could be gearing up to weaken even more against the yen. Price action has seen the end of the two month bullish run higher. Please refer to today’s daily MT 4 chart, shown below.
Right now near term support is lining up at 118.92. A daily close below this level will challenge the technical support at 118.20. Should the USD/JPY turn higher, we have resistance at 119.65. A daily close above this level will challenge 120.80.
The price action is in a tight and narrow trading range. There is no actionable trade setup at this time. For now I will be monitoring the charts and waiting for either a long or short trade to materialize. Till that happens I am standing aside.
