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 currency pair is at a record low after the recent 2 week high transit and it is going to trade for a while in the close vicinity of the 112.50 level and at the bottom of this stands the recent G20 summit.
USD/JPY exchange rate is receiving a lot of influence the US – China trade war
I believe that the risk sentiment has managed to offer a helping hand to the JPY single currency by raising the demand levels for the USD/JPY currency pair and the trading cross quickly fell downwards in the proximity of the 112.59 point. Right now I have noticed a slight improvement on trading chart but still but there was only a small climb towards the 112.62 level.
This recent abrupt drop is signaling a lot of future trading concerns and this comes in with the possibility of a potential economic weakness which will definitely influence the exchange rate.
Why I think USD/JPY is one of the best currencies to trade right now
I have also noticed that many indexes have reported significant heavy losses for both S&P 500 and Nasdaq.
At the same time across the ocean in the United States US DXY Index has posted a value under the 96.50 value and so far it has manage to go upwards by a positive value of +0.03% coming in close to the 96.90 value.
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 = 113.60
Lowest level = 112.54
Volatility level = Very 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 currency pair is going downwards by a negative value of -0.93% and it is trading in the vicinity of the 112.65 and it is relying heavily on the 112.50 value followed close up by the 112.20 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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