Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (119.980)
- Resistance Levels: 120.25, 120.81, 121.85
- Support Levels: 119.65, 118.92, 118.20
- Trade Strategy: Stand Aside
The Dollar continues to weaken in the USD/JPY Forex market. Please see the below daily MT 4 chart. The Dollar has now broken below the two month old trend line support.
A daily close below 119.65 will challenge the next technical support at 118.92. Should the Dollar turn higher we note former support turned resistance at 120.25. A break above this level will challenge the technical resistance at 120.81. This technical level is also the December 23 high.
From a risk to reward perspective, the timing to enter a short Dollar trade is not quite right. We are too close to a support level to justify that move right now. There are no bullish reversal signals to warrant a short yen (long Dollar) trade right now as well. For now I am flat, watching the charts for a more actionable trade to develop.
