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 that the USD/JPY movement on the trading chart today. I will explain in details why this is going to happen.
Factors that may affect this currency pair today
According to FxEmpire.com today the USD/JPY currency pair is reacting to the weak US data releases that are affecting the USD in a negative way and in this chain of events I believe that the USD/JPY is close to reaching 111.70 and in the near future the 112.10 high point.
USD/JPY currency pair influenced by post US data
I believe that USD/JPY pair has managed to keep a weak level as live as possible due to the less than reasonable data releases in the US New York session. The USD/JPY currency pair is now moving upwards with speed and since the recent data is more than positive for the JPY I think that the 112.20 level is close to becoming real.
I strongly believe that the recent release of the PPI data in the United States which underlines once more that the goods and services prices are now declining by -0.1% on a monthly basis. The PPI prints have also disappointed because it has missed the predicted value of 3.3%, moreover the core PPI has managed to increase by a positive value of +0.2% on a yearly basis.
Another set of weak data is also coming from the US treasury figures and will continue to influence the JPY in a positive way.
Let us know how do you feel about the strong data released earlier today in the US? Will the USD/JPY continue to gain ground?
A summary of Highs and Lows for the USD/JPY
Highest level = 112.30
Lowest level = 111.60
Volatility = Increasing
Today’s Forex forecast
We advise you to:
S3 = 111.60 S2= 111.43 S1 = 111.24
R1 = 110.45 R2 = 110.20 R3 = 110.75
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USD/JPY significant trading levels
For the time being the USD/JPY currency pair is now going downwards by a negative value of -0,62% and it is trading close to the 111.35 and I believe that it is going to rely heavily on the 111.73 level at first followed close up by the 112.15 level.
On the other side of the table there are several solid levels starting with the 110.88 point and it will be continuing with the 110.69 point and lastly ending with the 110.50 point.
We value your opinion very much let us know how you feel about our predictions?