Are you searching for a strong currency which is racing upwards on the trading chart? Guess what? Now you can make some great Pips on the USD JPY currency pair and begin your journey as a successful trader!
Here I will share what I believe about the USD/JPY movement on the trading chart today. I will explain in details why this is going to happen and how can it be in your advantage.
Factors that might affect this pair today
According to FxEmpire.com today the USD/JPY currency pair is trading in the close vicinity of the 114.50 level with very few downward variations, but ultimately the pair is trading on a solid note and it is receiving a lot of influence from the US data releases.
USD/JPY currency pair became tensed in anticipation of the US NFP report
I believe that today there will be a smooth day for the trading chart however both traders and investors are taking a breath of fresh air before the United States releases the NFP report and on top of this the US DXY index has managed to keep up the pace with the Japanese Yen who is already moving towards the fresh new YTD levels.
It now seems that investors are more reluctant about jumping into any movements before any solid data comes out into the open therefore the JPY has managed to become more stable and this quickly ignited a strong profit-taking action across the chart.
Live market charts
We want Forex to be all about profitable trading! Forex and Profits makes sure you have the latest live market charts available every day. I am using the ADX indicator as well as Bollinger bands with Moving Average and Stochastic Oscillator for the this currency pair. Only open new trades when all these indicators show a clear trend.
The chart is showing directions of today’s recommended currency pair. The chart for today shows it is in a clear bearish trend for the last few hours. Personally, I am using the ADX indicator to find good entry points on a 15 minute timeframe.
Are you looking for the best trading charts?
TradingView offers an advanced charting and analysis platform with hundreds of drawings and indicators. You can compare stocks, predict where the price will go and publish ideas.
Why I think USD/JPY currency pair is one of the best currencies to trade right now
I have also noticed that significant data is still coming in from the comments issued by the Fed President Jerome Powell who has hinted that the interest rates will continue to stay at a neutral value.
The release of the ADP data along with the ISM non-manufacturing figures and the PMI prints have managed to release the USD single currency from its shackles and began its corrective movement on the trading chart.
Today I advise you to use the BUY action as much as possible!
Let us know how you feel about the fact that the currency pair has managed to lose the YTD tops? Will the currency pair jump over the 115.00 because of the US data releases ? Let us know how you feel about this? Even if you are a novice trader we would still like to know your opinion!
Forex and Profits presents Today’s Free Forex Signal
A summary of Highs and Lows for the USD/JPY
Highest level = 114.56
Lowest level = 114.10
Volatility level = High
Today’s Forex predictions
Here is my USD/JPY forecast for tomorrow
Buy 91 %
Sell 9 %
S3 = 112.10 S2= 113.61 S1 = 1.13.93
R1 = 114.20 R2 = 114.34 R3 = 115.20
USD/JPY significant trading levels
For the time being the USD/JPY currency pair is going downwards by a small negative value of -0.15% and it is currently trading in the proximity of the 114.34 level and it is going to rely heavily on the 114.00 level but if this level is lost then I believe that the 113.00 will quickly become a trading reality.
On the other side of the medal the currency pair is relying heavily on the 114.50 level at first followed close up by the 115.00 point.
We value your opinion very much so please let us know how you feel about our predictions? Follow us and become a better trader!
Are you in need of a good forex broker?
Are you in need of a good Forex broker? Do you need investment advice? We have all the solutions to all your problems! Our professionals recommend you open an account with these brokers: AAAfx or Zulutrade. Both are amazing in customer care service and offer a robust and productive trading experience. Increase your capital today!