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 exchange rate 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 exchange rate is trading in the close vicinity of the 112.40 level and it will continue to trade in this area until the end of the trading week, serious influence will be coming in from the Bank of Japan.
USD/JPY exchange rate is reacting to the US DXY index
I have noticed that even from the beginning of the trading week the US DXY index has been jumping in spikes, as a reaction to this market participants have been extremely hesitant in jumping into new lines of actions. With this ounce of knowledge everyone is settling in as the Holidays are just around the corner and the market is somewhat less volatile this time of the year, but I suspect that until Friday we are definitely going to see the 112.80 live and running with a great potential towards 113.10.
Why I think USD/JPY is one of the best currencies to trade right now
I also believe that this entire trading week is going to receive significant influence from the USD losing trading territory in favor of the JPY and the 112.00 level is going to be very hot and some believe that the 112.60 is quickly becoming a support area.
The Bank of Japan is offering consistent influence from the shared currency pair and the exchange rate will be more and more solid in the near future and the interest rates will not come to any edgy behaviors. On top of this the monetary policy for the JPY is landing according to almost all expectations and investors will definitely profit from this legendary stability.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about the fact that the EU German data has managed to influence the whole trading process in the European Union? Will the currency pair jump over the 1.1600 level? 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 = 112.60
Lowest level = 112.20
Volatility level = High
Today’s Forex predictions
Here is my USD/JPY forecast for tomorrow
Buy 10 %
Sell 90 %
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 exchange rate is going downwards by a negative value of -0.1% and it is trading in the vicinity of the 112.45 and it is relying heavily on the 112.50 value followed close up by the 112.10 and lastly ending with the 112 point.
On the other side of the medal there are several solid resistance points staring with 112.90 followed close up by 113.25 and lastly ending with 113.65.
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