Registrato: 26 Mag 20
Stato Connessione: Sconnesso
USD/JPY Rising odds for a move higher!
|Postato: 18 Set 20 alle 05:52 | IP Salvato
USD/JPY changed little in the last sessions waiting for a
clear signal from JP225 and from the USDX. The Japanese
Yen could lose more ground versus the dollar if the
Nikkei will resume its upside movement.To get more news
aboutWikiFX, you can
visit wikifx official website.
On the other hand, the greenback should appreciate
and dominate the currency market if the US Dollar Index
closes above 93.24 former high and confirms an up
reversal. The pair has decreased a little today after the
Japanse data was released.
The Final GDP dropped by 7.9%, less versus 8.1%
estimated, while the Final GDP Price Index increased only
by 1.3%, failing to reach the expected 1.5% growth. The
Current Account was reported at 0.96T in July, the
Economy Watchers Sentiment climbed from 41.1 to 43.9
points, while the Bank Lending increased by 6.7%, more
compared to the 6.4% estimate.
The Average Cash Earnings dropped less than expected,
but unfortunately, the Household Spending dropped by
7.6%, even if the specialists have expected only a 3.6%
Nikkei stock index has rallied on the mixed Japanese data
and it continues to stay above 23,185.85 broken static
resistance. Ive said in a previous analysis that the Yen
should depreciate versus the other major currencies if
the JP225 will continue to increase.
Stochastic indicates a bearish divergence but only
another lower low, drop below 22,594.79 could signal that
the upside movement is finished. Further growth to the
upper median line (UML) could push USD/JPY towards fresh
new highs in the upcoming period.USD/JPY seems undecided
around 106.20 level. It moves sideways between 105.10 and
107.06 levels, so we should wait for a valid breakout
from this pattern before taking action again.
The rate prints a symmetrical triangle inside of this
range, an upside breakout of the upper median line (UML)
of the descending pitchfork confirms an upside breakout
from these patterns as well.
USD/JPY is somehow expected to develop a strong leg
higher after its failure to test and retest the median
line (ML) if the last attempts. If you want to buy it,
please wait for a valid breakout of the UML and above the
On the other hand, if you are a seller, you should
wait for a drop below 105.10 or for a reversal pattern
(false breakout) on the upper median line (UML).