Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥117.597)
Trading Strategy: Stand Aside
- Resistance Levels: 117.90, 118.95, 120.80
- Support Levels: 116.65, 115.50, 113.50
The Dollar has lost some of its steam versus the Japanese Yen and turned lower. The USD/JPY has been inching lower and the Dollar is now at a fresh monthly low. Please refer to the below daily MT 4 chart, and note that the price action is near a support level. This level is also supported by the 55 day moving average (DMA).
A daily close below 116.65 will open the doors for a challenge of the next technical support level at 115.50. Should the Dollar buyers reenter the market, we need to break back above 117.90 to challenge the resistance at 118.95.
There are also no bullish reversal signals to justify a long USD trade at this time. I am going to sit on the sidelines till a more actionable trade develops.
As always, trading strategies are educational in nature and do not constitute trade advice. Always perform your own technical analysis to support my own conclusions before placing any trade.
