Are you searching for a strong currency with high potential 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!
According to Fxempire.com today the USD/JPY currency pair is trading in the close vicinity of the 115.30 level and it has shown some variation due to the weak data release of the US DXY index which has returned to the level of 96.50.
USD JPY exchange rate reacts promptly to USD dynamics
I have noticed that the shared currency pair is trading a bit mixed today because as the trading session began high levels began to appear across the chart but towards the middle of the session the US DXY index has posted a weak value therefore the USD dynamics took a beating and the level fell abruptly towards the 111.40 level.
I believe that there will be serious efforts in reaching and probably jumping past the 111.80 level, this type of spiked activity quickly ignited a new strong set of pressure points for the USD/JPY currency pair thus holding it in place around 111.40.
As for data releases all eyes are now fixed on the Bank of Japan data release, another important angle is the releases of the consumer confidence data from the United States where the US DXY index posted a weak value around the 96 point.
What to expect from the USD JPY currency pair
The release of the 10-year T-bond fell to its lowest value since the beginning of the trading year and brought the greenback close to 96.40.
I have also noticed that the releases of the industrial production figures in the United States increased in value by +0.1% for the previous month therefore missing the predicted value by +0.4%.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about this analysis? Even if you are a novice trader we would still like to know your opinion!
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A summary of Highs and Lows for the USD JPY
Highest level = 111.90
Lowest level = 111.38
Volatility level = High
Today’s Forex predictions
Here is my USD/JPY forecast for tomorrow
Sell 70 %
Buy 30 %Follow this trader now
S3 = 110.10 S2= 110.61 S1 = 111.93
R1 = 111.20 R2 = 112.34 R3 = 112.50
USD/JPY significant trading levels
For the time being the USD JPY exchange rate is going downwards by a negative value of -0.2% and it is trading in the close vicinity of 111.45 therefore by jumping past the 111.20 level this will definitely clear the trading path towards 110.85 at first followed close up by 110.70.
On the other side of the medal there are several solid levels starting with 111.60 followed close up by 111.80 and lastly ending with 112.10.
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