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Forex Today: USD/JPY Breaches ¥150

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

The week opens with unclear direction amidst concerns the war between Israel and Hamas may widen.

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  1. In the Forex market, the USD/JPY currency pair made its highest weekly close last week in over 20 years, as it continues to threaten a bullish breakout above the big round number at ¥150.00, so it will be of interest to trend traders on the long side. The price briefly traded above ¥150 a few hours ago, raising the prospect of Bank of Japan intervention. Since the Tokyo open, the strongest major currency has been the Australian Dollar, while the Swiss Franc has been the weakest, suggesting a minor recovery in risk sentiment. However, the US Dollar remains quite firm, and is in a long-term bullish trend.
  2. Stock markets are mixed, with Asian indices such as the Nikkei 225 and the Hang Seng Index showing declines over the day while US indices are slightly higher in pre-market trading.
  3. The prices of precious metals have continued to rise, with Gold making a minor bearish pullback so far today but remaining firm above support at $1,945.
  4. Today could be a very quiet day in the Forex market, as it is a Monday and as there are no major data releases scheduled today.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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