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 deploying a lot of effort in jumping past the low levels of 109.60 and at the bottom of this stands the most recent data releases in the US trading markets.
USD/JPY exchange rate is keeping a close eye on the BoJ data releases
I believe that since the beginning of the trading year the USD/JPY exchange rate has met the first low level of this year so far and right now the highest trading point can be found in the proximity of the 109.80 level and it is currently deploying a lot of effort in reaching the 110.00 point.
I have noticed that at the bottom of this low trading behavior stands the release of the 10-year note in the United States which has lowered the volume by a value of -2.71%.
It is in my belief that there is a huge selling bias hovering above the USD/JPY currency pair.
Why I think USD/JPY is one of the best currencies to trade right now
I think that the BoJ (the Bank of Japan) is not far from stepping in and it will definitely help out the overall trading process for its own national currency.
At the same time across the ocean in the United States many investors are patiently waiting for the release of the manufacturing and services PMI data as well as for the release of the EIA report concerning the oil volume figures.
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 = 109.90
Lowest level = 109.10
Volatility level = Very High
Today’s Forex predictions
Here is my USD/JPY forecast for tomorrow
Buy 10 %
Sell 90 %
S3 = 108.10 S2= 108.61 S1 = 108.93
R1 = 107.20 R2 = 109.34 R3 = 109.90
USD/JPY significant trading levels
For the time being I have noticed that the USD/JPY exchange rate is going downwards by a negative value of -0.19% and it is trading in the close vicinity of the 109.78 level and it is relying heavily on the 109.99 level continuing with 111.21 and lastly ending with the 111.40 point.
On the other side of medal I believe that by jumping over the 109.20 level this will clear the trading path towards the 107.77 level at first followed close up by 104.65 point.
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