USD/JPY Signal Update
There is no outstanding signal.
Today’s USD/JPY Signal
No signal is given today.
USD/JPY Analysis
The level at 114.00 did prove to be nicely supportive and in recent minutes we have broken above the previous double top established last week at around 115.50. These are bullish signs and it is a little surprising that the pair has moved so fast so early in the week and in the complete absence of major news announcements. Of course, in such a strong trend, moves tend to remain large for a while. Having said that, at the time of writing, the London session is about to begin and we are only a few pips above 115.50, so it might be another failed 2B breakout. It is best now to watch carefully what happens over the next couple of hours.
We do not now have any major resistance above us before a flipped level at 117.90.
I do not see any obvious levels at which to buy on a pull back before the support at 114.00, and it is unlikely we will return there any time very soon. However in this kind of bullishness, local pull backs followed by quick reversals are generally good opportunities to obtain more reward than risk.
Mondays without news releases are usually very quiet days, but in this kind of market where the USD and JPY are the currencies of most speculative interest, and are also both subject to very strong trends, yesterday became an exception to this rule.
There are no high-impact news releases scheduled today that are likely to affect either the JPY or the USD. It is a public holiday in the USA.