Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (123.996)
- Support Levels: 123.40, 122.85, 122.25
- Resistance Levels: 124.11, 124.55, 125.28
- Trade Strategy: Stand Aside
The USD/JPY Forex market has gapped sharply lower from its recent consolidation range. There are signs more losses could be ahead as well. Please refer to the below USD/JPY daily MT 4 chart for today’s daily technical analysis. Then we will look at the trade strategy.
Technical Analysis
Let’s begin out daily USD/JPY technical analysis. There is technical support lining up at 123.40. A daily close below this technical level challenges the next technical support lining up at 122.85. The alternative USD/JPY analysis, should the US Dollar recover, thus supporting this Forex market, notes technical resistance at 124.11. A close above this technical level challenges the next technical resistance lining up at 124.55.
Trade Strategy
Let’s discuss today’s trade strategy. There is not a lot on today’s economic calendar that will affect the USD/JPY price volatility. In fact, there is no major announcements and we could see some price drifting. Thanks to this, I will be relying primarily on my charts and technical analysis to make a trade decision today.
Price action in this Forex market is trading very narrow for right now. Taking a long or short USD trade is premature from a risk to reward perspective. There are no bullish reversal signs on my charts either. There is no trade opportunity available to me right now, I will opt to stand aside and watch my charts for a more opportune trade opportunity to come along. For today, I am flat in the USD/JPY Forex market.
