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 the USD/JPY exchange rate has started the trading year on a strong trading tone and it is now trading in the proximity of the 107.80 level and it is already showing significant signs of moving towards the 108.00 point.
USD/JPY exchange rate is trading strong in January
I have noticed that today the Japanese Yen single currency is bringing in plenty of significant gains against the US DXY index and as a direct consequence the trading cross will be resting for a while in the vicinity of the high level of 108.00. I believe that this pattern is going to be very strong until the end of January.
I have recently seen that the trading spot has managed to regain traction after crashing close to the 105.00 level and so far it has managed to shake this low level masterfully. The release of the United States 10-year yields is also having a significant influence on the trading spot.
Why I think USD/JPY is one of the best currencies to trade right now
Across the ocean in the United States the release of the US DXY index data has manage to show that there is a lot of pressure hovering over the USD trading process. To certain extent there is some positive data coming in from December’s Payrolls data as well as the conference of J.Powell with the AEA the American Economic Association.
Today I advise you to use the BUY 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 = 117.90
Lowest level = 116.50
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 +0.3% and it is trading in the vicinity of the 117.90 and it is relying heavily on the 113.50 value followed close up by the 113.10 and lastly ending with the 112.80 point.
On the other side of the medal there are several solid resistance points staring with 114.90 followed close up by 113.45 and lastly ending with 113.75.
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