USD/JPY Signal Update
Yesterday’s signal was not triggered and expired.
Today’s USD/JPY Signal
No signal is given today.
USD/JPY Analysis
This pair is at the heart of the Forex market right now, with the USD the strongest and the JPY the weakest currencies of the moment. There has been a pause in EUR/USD’s downwards move and this pair takes the centre stage. It is the long gift that just keeps on giving!
I wrote yesterday that we are quite far from any key support or resistance levels and this is even truer today. We are making new 6 year highs as I type. There is nothing but exuberant bullishness here but unfortunately no obvious pullbacks at which to enter safely. There might well be more to this trend but a period of consolidation, however short, would be healthier for a good long-term profitable entry.
There are a few areas that we can speculate will come in useful in the near future. Firstly, there is the broken 6 year high at 105.43. Below that, there is then the key psychological round number at 105.00. Then currently below that, the bullish trend line of the past few weeks.
My colleague Christopher Lewis is looking to buy at around 105.50. This makes him a little more bullish than me though I don’t doubt that he is probably right to be that bullish!
There are no high-impact data releases scheduled today concerning either the JPY or the USD. This would normally mean a quiet day is likely, but the market is in runaway mood.