Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥118.148)
Strategy: Stand Aside
- Resistance Levels: 119.50, 120.80, 121.90
- Support Levels: 117.65, 115.50, 113.50
The USD/JPY Forex pair continues to trade quietly as it is consolidating recent gains. If you note the below daily MT 4 chart, the Dollar gained value after the formation of a bullish engulfing candlestick. Since then, the USD/JPY has been trading sideways.
There is short-term resistance lining up at 119.50. A daily close above this level will see a challenge of the technical resistance at 120.80. This level is also the high touched on December 23, 2014. Should the Dollar reverse and move lower, meaning the yen is gaining value, then we need a break below the congestion area that runs from 117.90 to 117.65. Should this happen then the USD/JPY would then challenge the technical support at 115.50.
Price action is quiet and there are no strong buy or sell signals. My strategy is to stand aside and wait for an actionable buy (long Dollar) or sell (short Dollar) trade to emerge.
