Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (119.376)
- Resistance Levels: 120.80, 121.90, 123.87
- Support Levels: 118.80, 117.18, 115.49
- Trade Strategy: Stand Aside
The US Dollar is staying locked in a tight range below the key pivot at ¥120. Please refer to the below daily MT 4 USD/JPY chart.
Short term resistance is at 120.80. This is also the December 23 high. A daily close above this level challenges 121.90. This is at a small congestion area that runs from 121.85 to 121.90. A close below the technical support at 118.80 will challenge the January 21 low and technical support at 118.18.
Making a trade now, from a risk to reward perspective, makes no sense. We are too close to a support level for a shot trade and there are no bullish reversal signs to warrant a long trade. I will sit on the side lines till a better trade opportunity presents itself.
