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USD/JPY Forex Signal- June 25, 2014

USD/JPY Signal Update

Yesterday’s signals were not triggered and expired.

Today’s USD/JPY Signals

No signals for this pair are given today.

USD/JPY Analysis

Yesterday’s fairly positive US news not long after the beginning of the New York open did push this pair strongly upwards for a while, breaking a bearish inner trend line and suggesting a bullish breakout from the wider triangle that we are currently within. However, the price fell back to within the broken inner trend line very quickly, and today we are right back where we started.

This pair has been ranging and waterlogged for quite a while and does not really want to go anywhere. We are a considerable distance, i.e. more than a likely day’s range, from any key support or resistance levels that seem solid enough to be worth looking for trading opportunities at. Therefore I believe today is going to be a good day for sitting on the sidelines and looking for opportunities elsewhere.

Unfortunately the triangle that we are forming does not look to me like the kind of triangle that produces a very good breakout. It is not symmetrical and is located within a wider consolidation zone, so there are no real clues that can be used to determine which direction any final breakout is likely to go.

USDJPY 62514

There are no high-impact data releases scheduled for today that are expected to directly affect the JPY. Later at 1:30pm London time there will be a release of US Core Durable Goods Orders and Final GDP data, which may affect the USD. It might be a quiet morning for this pair.

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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