Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥107.197)
- Resistance Levels: ¥107.90, ¥108.75, ¥110.10
- Support Levels: ¥106.65, ¥105.60, ¥104.50
The dollar’s fall versus the Japanese Yen has taken a pause. The daily MT 4 chart, above, shows we have gotten some support just below the key technical level of ¥107 and turned higher from its fresh monthly low.
We see short term support at ¥106.65. A daily close below this level will challenge ¥105.60 then the key support at ¥104.50 will be the next focus. Should we continue pushing higher we need to close back above the congestion zone from ¥107.65 to 107.90. If this happens, we will challenge ¥108.75 then ¥110 and higher will be back in focus.
Some trading strategy. It is too early to be convinced to enter long trades or enter short trades. We are too close to a support level and we need to confirm a bullish reversal. The trading strategy, for now should be flat. Buy on dips and sell on peaks till a clear signal emerges. We will be watching this pair closely as we do not feel the bullish run is over yet.
