USD/JPY Signal- Feb. 10, 2014

USD/JPY Signal Update

Last Thursday’s signal was not triggered and expired.

Today’s USD/JPY Signal

No signal is given today.

USD/JPY Analysis

The final two days of last week saw a moderate move up after a bottoming out at around 100.80. The price broke out of the bearish trend line and closed the week near its high, although the price has been falling off since the weekly open last night.

We are a long way from significant support or resistance. There is local support at 101.60, if we continue to fall over the next two or three hours, the price will probably move down to that level. It looks like the area above 102.50 will be resistance under these very weak and quiet market conditions that we seem to have today. However we are still in a weak uptrend until we get an H4 close below 102.00 or thereabouts. The break of the bearish trend line was quite strong when it came, with a large-ranged bullish outside bar that closed in its top quartile, which makes me expect that the price has natural pressure to rise to about 103.00. However, before this can happen, we are probably going to need to see some support at 102.00 or 101.60.

USDJPY Signal 21014

There is no important news due today for either the JPY or the USD, so it is likely to be a very quiet day. I do not see the price as being capable of reaching either of the significant support or resistance levels today, therefore there are no signals.

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.