Forex Marketz Daily Forex News – Fully Markets Update
The US Dollar has crashed above the short term falling trend line in the USD/JPY Forex market. Today’s trend line support lines up near 120.05/04. A daily close below this level will challenge 118.79 the then the pivot near ¥118. A break above the technical resistance at 120.80 will enable buyers to eye the pivot at ¥121 once again.
As far as trade strategy goes for today. There is a lot of US Dollar event risk coming up this week. We will get the FOMC minutes release then the US inflation data, CPI on Friday. Thanks to this, I will opt to stand aside for now. Technically speaking, we are trading too close to a resistance level to enter a long USD. Timing is off from a risk to reward outlook.