|Day's range||108.87 - 108.87|
|52-week range||104.8710 - 114.0150|
USD/JPY has been steadily decreasing in recent days, as the bulls had trouble overcoming the orange resistance zone. The pair has ended its losing streak with today’s rise, however. Does it mark the end of its decline, or is there more to come?
The US dollar fell during a large part of the week, but then turned around to show signs of life towards the end as we continue to press up against a major resistance barrier.
The British pound has remained rather resilient during the week, as we continue to hang around the ¥140 level. At this point, it looks as if the market is trying to build up the necessary momentum to finally go higher.
The US dollar rallied a bit during the trading session on Friday the in the week on a positive note, as Larry Kudlow has suggested that the US and China are making progress on “Phase 1” of the trade deal.
The British pound continues to go back and forth against Japanese and, as we reached above the ¥140 level. At this point in time, the market looks as if it is ready to continue the same action that we have seen for several days.
The USD/JPY is trading higher on Friday on the back of positive developments over a potential trade deal, however, gains are being limited by lingering worries.
Key US indices continue to rush historical highs. Futures on S&P500; crossed the 3100 mark, adding one third to the price against the lows of the end of last year.
The economic calendar shifts focus to the U.S Dollar. Following Powell’s positive outlook on the economy, retail sales will need to impress…
The British pound has pulled back slightly against the Japanese yen during the trading session on Thursday but has found support yet again at the same in general vicinity. Ultimately, it looks as if the market continues to do more of the same.
Investing.com - The U.S. dollar was unmoved on Thursday as the number of Americans applying for unemployment benefits rose to an unexpected five-month high and there were no new comments on monetary policy from Federal Reserve Chair Jerome Powell.
The Japanese Yen hardly budged after Japan’s GDP data showed the economy grew an annualized 0.2% in July-September, much below economists’ forecast of 0.8%. This is because investors are focused on the lack of progress over a trade deal, and the Japanese Yen’s appeal as a safe-haven asset.
Particularly weak economic data weighed on the risk appetite early on, with a busy day of stats likely to test the markets further in the day.
Investing.com - The U.S. dollar inched up on Thursday in Asia following prepared remarks from Federal Reserve Chairman Jerome Powell. The Australian dollar dropped after the release of weak employment reports.
The US dollar has initially tried to rally during the trading session on Wednesday but then broke down towards the 200 day EMA. At this point, the market looks very likely to continue to see a lot of choppiness, as we had recently tested a major barrier and failed.
The British pound has pulled back significantly during the trading session on Wednesday, reaching towards the bottom of the overall consolidation area that we have been in.
Despite the importance of the consumer inflation data and Powell’s testimony, I don’t think USD/JPY will be rattled by anything these events show. Inflation is expected to remain tame, and Powell is usually pretty tight-lipped so he’s not expected to shake up the markets.
With the USD/JPY trading between retracement levels, the next move will be determined by short-term momentum. Fundamentally, this Forex pair isn’t likely to move much until Treasury yields move. Wednesday’s U.S. consumer inflation report and testimony from Federal Reserve Chairman Powell could move yields.
The RBNZ held rates steady, leading to a surge in the Kiwi, while the Greenback was under early pressure following Trump’s Tuesday speech…
Investing.com - The New Zealand dollar gained more than 1% on Wednesday in Asia after the country’s central bank unexpectedly left interest rates unchanged.
The US dollar has seen a lot of noise when it comes to trading against the Japanese yen, testing that massive 61.8% Fibonacci retracement level. Ultimately, this is a market that should continue to cause a lot of volatility.
The British pound has gone back and forth during the trading session on Tuesday, dancing around the ¥140 level. After the recent explosion to the upside, it makes sense that market participants may need to take a break.