Forex Marketz Daily Forex News – Fully Markets Update
- Resistance Levels: 119.65, 120.80, 121.85
- Support Levels: 118.92, 118.20, 117.29
- Trade Strategy: Stand Aside
The USD/JPY is moving lower. Sellers are now in the market and pushing the Dollar to the sub ¥119 pivot level as the two month climb higher is coming to an end. There is near term support at 118.92. A daily close below this level will open the doors to challenge the technical support at 118.20. Should the Dollar reverse course and move higher, we have resistance at 119.65. A break above this level will challenge 120.80.
We are in a narrow trading range and too close to a support level to justify a short trade at this time. There are also no clear bullish reversal signals. I am standing aside watching the charts for a more actionable trade signal to emerge.