Forex trading signals and analysis for USDJPY – 31 Jul 2014

Forex trading signals and analysis for USDJPY – 31 Jul 2014

Analysis:

After testing the EMA200 two weeks ago, USDJPY move up strongly day by day since then, thanks to good economic data from US. Yesterday, US dollar moved 100 pips with GDP Q2 printed at 4% when expectation is 3%.

Although the FED does not give a clear direction on when to hike rate, however, it is clearly that US economy is getting much better and this is bullish for the US dollar in the medium and long term.

USDJPY closed the day just below the key resistant level of 103.00 and currently trading around 102.70. Given the bullish momentum is controlling, the strategy to go long with USDJPY is more appropriate. USDJPY need to break 103.00 first to break the range to move up further.

USDJPYDaily - 31 Jul 14

Forex Trading Signals:

We will watch for buy signals to go long with USDJPY around 102.00 – 102.30 before Job report at 12.30 GMT.

Resistant zone:

-104.00

-103.00

Support zone:

-102.00 – 102.350

-101.600 – 101.800

– 101.200

– 100.800

Forex Signals 247.

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