|Day's Range||108.51 - 108.662|
|52 Week Range||104.8710 - 113.7020|
With stats on the lighter side, we can expect geopolitics to be in focus. Trade and the UK General Election are likely to be the talking points…
Investing.com - The U.S. dollar and the euro were little changed on Monday in Asia as traders await central bank meetings due later this week.
Risk factors were primarily responsible for the movement in the safe-haven Japanese Yen, while the commodity-linked Australian and New Zealand Dollars were underpinned by sharply higher crude oil prices. The Aussie and Kiwi were also supported by a surprise improvement in Chinese manufacturing activity.
The US dollar fell during the week but did see some positivity on Friday after the stronger than anticipated jobs figure. It makes sense at this point that we continue to see a lot of sideways action, but we are on the verge of some type of break out.
The British pound broke out against the Japanese yen during the week, finally slicing through the resistance barrier that had been keeping it down for quite some time. At this point, it looks as if we are ready to continue going higher as the election looms.
The US dollar has recovered against the Japanese yen after initially falling on Friday, due to the stronger than anticipated jobs number. Beyond that, we also have the so-called “golden cross” getting ready to occur.
The British pound pulled back a bit during the trading session on Friday, but then turned around to show signs of strength again. This continues the overall “risk on” trade situation.
Investing.com – The U.S. dollar rallied on Friday as stronger-than-expected U.S. jobs gains last month reaffirmed beliefs that the economy remained on solid footing.
On the data front, all eyes will be on Friday’s jobs report as investors will be looking for a clear read on the U.S. labor market. A weak report may raise the chances of a Fed rate cut in March, but I don’t think it’s going to influence the Fed at its next meeting on December 11.
Nonfarm payrolls from the U.S will influence later in the day. The UK election opinion polls and trade news also need a watchful eye.
The British pound rallied again during the trading session on Thursday, reaching above the ¥143 level. At this point, the market has clearly broken out and it looks like we will continue to go much higher.
The USD/JPY is building a pullback after strong bearish momentum broke below the short and long-term moving averages, which seems to be a bearish wave C (purple).
After weaker than expected ISM manufacturing PMI data in the US, investors will shift their focus on Non-Farm payroll report on Friday.
Based on Wednesday’s minor reversal bottom at 108.430, the direction of the USD/JPY on Thursday will be determined by trader reaction to yesterday’s high at 108.963.
Investing.com – Asian currencies made something of a comeback on Thursday morning in Asia as optimism about a possible trade deal between China and the US returned. The USD was lost a little ground and the Australian dollar stopped a multi-day slide even as the Yuan continued to slide.
The US dollar fell initially during the trading session on Wednesday but found enough support at the moving averages to turnaround and form a bit of a bounce.
The USD/JPY is now trading mixed shortly after the release of a private payrolls report that came in lower than expected, and before the release of the ISM Non-Manufacturing PMI report at 15:00 GMT.
Investing.com - The U.S. dollar dipped slightly from earlier highs, as investors digested recent trade developments and private payrolls growth tumbled.
Based on the early price action, the direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the 50% level at 108.434.
It’s a busy day ahead. Geopolitics, the BoC and service sector activity will keep the markets busy on the day ahead…
Investing.com – The dollar held steady in morning trade in Asia Wednesday morning after US President Donald Trump raised doubts that a trade deal with China will be signed before the end of next year.
The US dollar has initially tried to rally during the trading session on Tuesday, but then fell after Donald Trump suggested that waiting until after the election decided China deal was a realistic option.
The British pound has run into resistance yet again against the Japanese yen as we continue to bounce around and struggle to finally break out in a world full of negative headlines.