Forex Marketz Daily Forex News – Fully Markets Update
The USD/JPY Forex market has turned lower. This was expected after forming a Bearish Dark Cloud Cover candlestick below the key pivot at ¥126. Yesterday I wrote about standing aside and not going long USD, looks like that was the correct call.
Technical Analysis
There is near-term support lining up at 124.20/19. A daily close below this technical level will challenge the technical support at 123.19. The alternative view, should the USD/JPY turn higher, sees technical resistance lining up at 124.82. A daily close above this technical level challenges the next technical resistance lining up at 125.84. This is the June 5 high.
Trade Strategy
With RSI momentum turning negative, I will rule out taking any long USD trade right now. Price action is too narrow not indicating any direction for either a long or short trade setup in this Forex market right now. I will opt to stand aside for a better trade opportunity to come along.