Forex Marketz Daily Forex News – Fully Markets Update
The USD/JPY Forex market looks to be turning lower over the next trading sessions. The US Dollar put in a bearish evening star candlestick which supports this impending move lower.
Technical Analysis
Looking at today’s USD/JPY technical analysis there is near term support lining up at a cluster area that runs from resistance turned support to the August 10 low. This area is 124.18 to 124.10. A break below this level, on a daily basis, challenges the next technical support lining up at 123.29. The alternative USD/JPY technical analysis, should the US Dollar push higher, thus supporting this Forex market, notes technical resistance lining up at 124.77. A break above this technical level challenges the technical resistance lining up at 123.29.
Trade Strategy
Let’s look at today’s trade strategy for the USD/JPY Forex market. There is not a lot of event risk on today’s economic calendar. With the absence of calendar risk, we could see drifting in the market and will need to rely on my technical analysis and charts for a trade decision. Price action in this particular Forex market is not very conclusive. There is no long or short USD trade opportunity at this time. The bearish candlestick has not yet been confirmed, which means taking a short USD trade would be a bit premature. This pattern also warns against taking a long US Dollar trade. With this said, I will opt to stand aside and watch my charts for better trading cues to materialize. For today, I am flat in the USD/JPY Forex market.