USD/JPY Forex Signal - 23 September 2014

USD/JPY Signal Update

No signal was given yesterday.

Today’s USD/JPY Signal

No signal is given today.

USD/JPY Analysis

For the first time in many days, we did not make a higher high, in fact we printed a slightly bearish inside bar. Despite that, there has not been any strong or sudden drop, as there have been with several other JPY crosses, so it seems there is still potential upwards strength remaining. It is far too early to declare this upwards trend over.

Looking at the picture in closer detail, we appear to be stuck with a range. The shorter time frames are suggesting a double bottom has been printed at around 108.60, and something of a double top at around 109.20, so it might be wise to stay away from any trades with wider targets while we remain within this range.

It is very difficult to predict what may happen next. There may also be minor support at around 108.40. There are no obvious flipped resistance to support levels before 107.37, with 107.50 of course being a key psychological level that might also prove to be supportive.

The flow is currently downwards and we need find some support at around 108.50 – 108.60 to reverse that.

There are no levels at which it is worth looking for longs close by, and there are no obvious resistance levels above, with the possible exception of the round number at 110.00.

USDJPY 92314

There are no high-impact events scheduled today concerning either the JPY or the USD. It is likely to be a quiet day for this pair.

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.