Forex Marketz Daily Forex News – Fully Markets Update
As we mentioned yesterday, the USD/JPY gapped lower on Greece then recovered its losses to reenter this Forex market’s all too familiar trading range.
Technical Analysis
Today’s technical analysis, does not change from yesterday. There is near term support lining up at 122.35. A daily close below this support level challenges the next technical support at 121.55. The alternative analysis, should the USD push higher thus pushing the USD/JPY Forex pair higher, notes near term resistance lining up at 123.17. A break above this technical level challenges the technical resistance lining up at 124.20.
Trade Strategy
Let’s look at today’s trade strategy. The USD/JPY is considered a safe haven Forex pair. Was a bit odd when it gapped lower, last week thanks to the Greek default. This could be an indication that investors a bit rattled with the overall global economy. Looking at the technical analysis I note that there is no clear cut price action in this particular Forex market. This means there is no long or short USD trade from a risk to reward perspective. There are also no clear cut bullish reversal signals to warrant a long USD trade. Price action is simply with no direction at this time. For now, I will opt to stand aside and monitor my charts for a more actionable trade opportunity to present itself.