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USD/JPY Forex Signal - 24 September 2014

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.

USD/JPY Signal Update

No signal was given yesterday.

Today’s USD/JPY Signal

No signal is given today.

USD/JPY Analysis

Things are starting to get interesting, as for the first time in many days this pair is no longer the obvious king of the Forex market. The GBP has been showing more strength than the USD for some days now, and although the JPY continues to be weak it is not falling very rapidly at all.

Yesterday we made a lower low and a lower high too, although the daily candle ended up as a bullish pin bar, so it seems the pair is not ready to fall just yet and may well have another move up left in it.

Although the Tokyo session has seen a fall, the flow over several hours still seems to be upwards, but the pair is not really going to look bullish until we fully break the 109.00 level.

There are no obvious support levels before 107.37, with 107.50 of course being a key psychological level that might also become supportive if and when we get there.

There are no obvious resistance levels above us, with the possible exception of the round number at 110.00.

As we are still quite some way from 107.50 and 110.00, I am giving no signals today.

USDJPY 92414

There are no high-impact data releases scheduled for today that will directly affect the JPY. Regarding the USD, at 3pm London time there will be a release of U.S. New Home Sales data

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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