|Day's Range||0.009 - 0.009|
|52 Week Range||0.0088 - 0.0095|
The US dollar has rallied significant during the week, reaching towards the ¥108.50 level. At this point, there is a significant amount of resistance just waiting to happen, so if it were to be broken it’s very likely that the market could go looking towards the ¥110 level. However, if we break down, the ¥107 level should be supportive.
The US dollar has rallied significantly during the trading session on Friday, crashing into the ¥108.50 level. The 200 day EMA is just above, and it’s very likely that the market could turn right back around, based upon basic technical analysis.
The USD/JPY is going to continue to more higher and could even accelerate to the upside if buyers can take out the recent top at 108.478. This could create the upside momentum needed to challenge the August 1 top at 109.317. A breakout will be triggered by the announcement of any positive news from the trade talks.
The US dollar initially fell against the Japanese yen as a rumor came out that Chinese officials were leaving a day early from the talks in Washington DC. Once the truth came out, the market turned around in more of a “risk on” attitude.
We’re expecting to see more whipsaw action on Thursday with the release of a plethora of positive and negative headlines as traders seek clarity as to the progress of the trade talks.
Global stock market indices plummeted on a report by South China Morning Post SCMP suggesting no progress was made at deputy level talks before the US-China trade meeting to kick off today.
While economic data will bring the EUR, GBP, and USD into focus, a resumption of U.S – China trade talks is the main event of the day.
The US dollar has initially fallen during the trading session on Wednesday, only to turn around to rally against the Japanese yen. Quite frankly, there’s a lot of noise out there involving the US/China trade situation, and perhaps a little bit of hope as enter the market based upon a potential partial deal.
Today’s Fed minutes are a toss-up. Furthermore, the data is stale. Since the mid-September meeting, reports have shown the U.S. economy has weakened. So it really doesn’t matter what policymakers thought about the economy two weeks ago.
A light economic calendar leaves geopolitics and U.S – China trade talks in focus in particular. Expect negative news to weigh heavily on risk sentiment.
The US dollar went back and forth during the trading session on Tuesday, as the market continues to try to figure out what the risk parameters are globally. Remember, this pair is very risk sensitive, so keep in mind that headlines will continue to make this difficult trading conditions.
Generally speaking, the price action will be determined by “risk-on” and “risk-off”. More specifically, rising yields and stocks will be supportive for the USD/JPY and lower yields and weaker stocks will be bearish for the Forex pair.
With economic data on the lighter side once more, we expect geopolitics to continue to drive the majors. Does China have the upper ahead of talks?
The US dollar has initially gapped lower against the Japanese yen only to turn around during early trading on Monday to reach towards the ¥107 level again. This is an area that has been both support and resistance recently, so it looks as if we are at a short-term inflection point.
There are no economic reports today so traders will be focused on Powell’s speech at 17:00 GMT. Another less-dovish speech will likely underpin the USD/JPY. Trump could trigger a break in the Forex pair if he decides to make negative comments about China or the trade deal.
While we can expect German factory orders to influence the EUR, geopolitics will be a key driver. Brexit and trade will be in focus throughout the day…
There are no major reports from Japan this week so the data from the U.S. will dictate the direction of the USD/JPY. Basically, lower Treasury yields and weaker stock prices will be bearish for the Forex pair. A drop in yields and trader demand for risky assets will be supportive.
The US dollar has pulled back against the Japanese yen, but then turned around to form a bit of a hammer. At this point, the market looks likely that it is going to continue to find buyers now that the jobs number is over with.
Economists predict the U.S. economy created 145,000 jobs in September, up from 130,000 in August, with unemployment holding at 3.7%. Wages are expected to have risen by 0.3% in the month.
The Greenback is back in focus, with nonfarm payrolls and wage growth due out this afternoon. Another weak set of numbers will fully test risk sentiment.
The US dollar has fallen a bit during the trading session on Thursday, reaching below the ¥107 level. However, we are starting to see a bit of support later on in the day as we are at the bottom of an obvious consolidation area, and just above the previous one.
Traders will also be taking direction from the movement in Treasury yields and especially demand for risky assets. Another steep drop in stocks should lead to a spike in demand for the Japanese Yen.
The US dollar drifted lower against the Japanese yen during the trading session on Wednesday, reaching towards the 50 day EMA. That’s an area that could cause a certain amount of support, but as the market tightens up it looks like we are trying to build up the momentum to make a bigger move.
Risk aversion is dominating financial markets today after disappointing data from the United States and gloomy outlook from the World Trade Organization (WTO) spooked investors and reinforced concern over decelerating global growth.