|Day's Range||112.386 - 112.874|
|52 Week Range||104.6670 - 114.7250|
Investing.com - The Japanese yen showed little reaction to the domestic CPI data released Friday that has risen to its highest point in seven months. The U.S. dollar gained but still hovered near two-month lows.
The US dollar pulled back slightly during trading on Thursday, as the US dollar loss against most major currencies. The downward trend line above that I’ve been talking about seems to have come back into play again.
The British pound continue to see bullish pressure on Thursday as we have now broken a significant downtrend line. Because of this, I think that the market is ready to continue going even higher, and I think the next target is a large, round, psychologically significant number just above.
Investing.com - The dollar fell to a nearly four-month low against its rivals on Thursday, as investors bet on an ongoing rebound in emerging-market currencies amid improved sentiment in developing economies.
Today, we will focus on the two pairs with the JPY an Oil. Let’s start with the EURJPY, where yesterday’s daily candle is a shooting star. It would be meaningless if not the fact that this candle is being present on an important horizontal resistance.
The Euro initially rallied during the day on Wednesday but is facing stiff resistance at the neckline of an inverse head and shoulders pattern that is formed on the daily chart. The market is expected to continue noisy and given the trade wars, USD will experience pressure and “buy on dips” will be the right strategy to continue in this market.
One wonders how the Eurozone will achieve higher core inflation if monetary policy slowly tightens and the economic activity slows. Should the Euro appreciate and get back above, say, the 1.20 mark against the greenback, it will be even harder for inflation to accelerate.
Investing.com - The U.S. dollar traded near a seven-week low on Thursday while the kiwi jumped after data showed the country’s second quarter economic growth topped estimates.
The US dollar rallied initially during trading on Wednesday but struggles near the trendline from the daily time frame that forms part of a major symmetrical triangle. It is because of this that the ¥112.50 level has suddenly become important.
The British pound rallied significantly during the early hours on Wednesday but has run into significant resistance above in the form of a major downtrend line. However, this should end up being an opportunity to pick up value as the British pound is rapidly becoming one of the most desirable currencies that own.
Based on yesterday’s closing price reversal top, the direction of the USD/JPY on Thursday is likely to be determined by trader reaction to yesterday’s low at 112.155. The main trend is up according to the daily swing chart. However, Wednesday’s closing price reversal top indicates that momentum may be shifting to the downside. If confirmed, this could lead to the start of a 2 to 3 day correction.
Investing.com - The dollar fell against its rivals on Wednesday, shrugging off mostly upbeat U.S. economic data as emerging market currencies made a stand against the greenback on improved sentiment.
The U.S. dollar trades slightly weaker versus many of its rivals on Wednesday, as investors focus on turmoil surrounding the British pound, as well as China’s reiteration that it wouldn’t use its yuan as a trade war tool.
Earlier in the day, the Bank of Japan left its benchmark interest rate and policy unchanged as expected. BOJ Governor Haruhiko Kuroda on Wednesday stressed that he would not pull the plug on monetary easing until inflation hits his 2 percent target, warning that escalating international trade disputes would inflict widespread damage to global growth.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.17% to 94.06 as of 11:45 AM ET (15:45 GMT). The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year. Meanwhile, trade developments with the U.S. and Canada continued, as Canadian Prime Minister Justin Trudeau said he was going to need see “movement” before a deal could be reached.
The Euro rallied initially during the Tuesday’s session but as soon as China announced retaliatory tariffs, the market turned extremely volatile. In order to continue with the bullish sentiment, it needs to break above the 1.1725 level, which will send this pair to the 1.1750 level and then to the 1.18 level. The pair is successfully holding above the 1.3125 level and given enough time, it likely that buyers send this market much higher.
Investing.com - Asian equities extended rally in afternoon trade on Wednesday as markets continued to recover from trade war fears.
Investing.com - The U.S. dollar slipped, while the Japanese yen hovered near a two-month low on Wednesday as investors digested the latest trade news.
Based on the early trade, the direction of the USD/JPY today is likely to be determined by trader reaction to the uptrending Gann angle at 112.379. The Forex pair is essentially sitting on this angle at this time. Basically, we’re looking at a strong upside bias to develop on a sustained move over 112.523, and for a strong downside bias to develop on a sustained move under 112.379.
The US dollar rallied significantly during the Tuesday session, reaching towards the ¥112.25 level initially. There is a major downtrend line just above though, so I think it may be difficult for the market to go much further without some type of pullback.
The British pound rallied significantly during the day on Tuesday, reaching towards a major downtrend line. It looks as if we are going to test the size, but don’t be surprised if we get some type of short-term pullback as there are a lot of moving pieces around the world that will continue to affect risk appetite.
Investing.com - Asian stocks rose in morning trade on Wednesday as investors shrugged off intensifying U.S.-China trade dispute.
The U.S. dollar was flat against other currencies on Tuesday as China announced retaliation tariffs against the U.S. China said it would impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24, Reuters reported. The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year.