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!
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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 receiving plenty of positive influence from the United States data releases which will continue to push the trading cross upwards close to 108.80.
USD/JPY exchange rate is reacting to the US data
I believe that today the USD/JPY exchange rate is on a consolidative path because of the recent release of the US yields. The United States 10-year note is going to make some serious progress by a predicted value of +2.85%. This positive release comes as a breath of fresh air for the US DXY index.
In the data calendar of the US the release of the Retail Sales data for the previous month has proven out to be on spot, the same thing can also be said about the release of the Factory Orders, Durable Goods Orders and Trade Balance data.
Why I think USD/JPY is one of the best currencies to trade right now
I believe that the Japanese have managed to secure their safe spot easily and the risk-appetite values are very low. A lot of influence will be coming in from the trade negotiations between the US and China. I think that the no-hike policy of the US Fed is filled with obvious speculations of a massive breach in the US economy. In the Japanese calendar the BoJ (Bank of Japan) is as solid as ever and this brings the volatility levels to historic lows.
Today I advise you to use the BUY action as much as possible!
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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 = 118.90
Lowest level = 117.50
Volatility level = High
Today’s Forex predictions
Here is my USD/JPY forecast for tomorrow
Buy 80 %
Sell 20 %
S3 = 100.10 S2= 102.61 S1 = 105.93
R1 = 109.20 R2 = 111.34 R3 = 112.90
USD/JPY significant trading levels
For the time being the USD/JPY exchange rate is going upwards by a positive value of +0.11% and it is trading in the vicinity of the 108.78 level and it is relying heavily on the 109.08 level followed close up by the 109.81 point and lastly ending with the 111.13 level.
On the other side of the medal by jumping over 107.77 level this will clear the trading path towards the 107.51 level and lastly ending with the 104.65 point.
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