Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (119.765)
- Resistance Levels: 120.67, 121.40, 122.12
- Support Levels: 119.65, 118.92, 118.20
- Trade Strategy: Looking for a Long USD Trade on Corrective Pullback
The US Dollar Is getting ready to make a correction lower against its yen counterpart. Please note the below daily MT 4 chart and the bearish Dark Cloud pattern.
At this point, technically speaking, we need a daily close below 119.65 to challenge the next technical support at 118.92. Should the USD/JPY push higher there is short term technical resistance at 120.67. A break above this level will challenge the next technical level around the 121.35 to 121.40 area.
Not thinking of a short trade. Just the opposite. The USD/JPY is still in the middle of a long term bullish rally. I will treat a move lower as corrective opening the doors for a long USD trade. Right now I am waiting for a long buy opportunity to emerge.
