Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (119.591)
- Resistance Levels: 120.15, 120.67, 121.40
- Support Levels: 119.65, 118.92, 118.20
- Trade Strategy: Stand Aside
The USD/JPY continues to lose ground. The Dollar has turned lower against the yen after crashing through the support at the three week old channel top. Would seem buyers have lost sight of ¥120. Please note the below daily MT 4 chart.
Should the Dollar close below the technical support at 119.65 then we would see a challenge of the next support level at 118.92. Should the USD/JPY move higher, then note the resistance level at 120.15. A break above this level will challenge the resistance at 120.67.
Right now price action is too close to a support level to enter a short Dollar trade. The absence of any bullish reversal signals does not warrant a short yen trade at this time as well. I am sitting on the sidelines waiting for a more actionable trade opportunity to emerge.
