By: DailyForex.com
USD/JPY Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/JPY Signal
No signal is given today.
USD/JPY Analysis
Yesterday saw an early strengthening of the Yen which moved us down close to the inner trend line, where the price consolidated before beginning to move upwards this morning.
This pair has been quite choppy and unpredictable for a while. We have what may be quite weak flipped resistance at 102.04, and the price may turn around there and fall if we reach it today, but I do not have great confidence in this level.
I do not see us reaching 101.52 today where the outer bullish trend line is currently sitting, if it happens tomorrow it could be a good long opportunity. The price action is such that the current short-term bullishness would make for a dangerous long trade if it turned around quickly enough for us to reach 101.52 today.
We are also too far away from what should be more reliable resistance at 103.00 so there are no signals given today. There are likely to be today much better opportunities elsewhere.
There are no high-impact news releases or events scheduled today concerning the JPY. At 1:30pm London time, there will be the U.S. data releases of Core CPI and Retail Sales, followed by the Philly Fed Manufacturing Index at 3pm and the Chair of the Federal Reserve speaking at around Midnight. Therefore it may well be a quiet morning until the New York open when this pair is likely to become more volatile.