The primary cause for this shift is a recent overnight announcement from the Bank of Japan (BoJ). In this statement, the BoJ retracted its previous indication that it might abandon negative policy rates for the first time in many years, a stance it has now decided against. This change in position by the BoJ has…
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The Japanese inflation report indicated that the annualised CPI print had risen to 3.3%, a new 10-year high, compared to the previous month when annual inflation was recorded at 3.0%. However, the monthly inflation print was most exciting as it showed that inflation rose to 0.7% in October compared to September’s 0.3% print. The Bank…
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Higher Timeframe Technical View The technical position for GBP/USD reveals price fading long-term resistance on the weekly scale at $1.2767, boasting historical significance as far back as 2016. Consequently, GBP selling should not surprise. Support on the weekly scale is relatively nearby, nevertheless, in the shape of a trendline resistance-turned-support taken from the high of…
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H1 Timeframe Working with ¥144 and ¥143 Finally, from the H1 timeframe, we can see that price recently recoiled from ¥143 and is on the verge of approaching resistance from ¥143.90 and the ¥144 psychological handle. While follow-through upside could be seen, as suggested by the higher timeframes (through a lack of resistance), which may…
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USD/JPY Direction Having noted price movement testing the mettle of weekly resistance at ¥137.23 and daily price on the verge of reclaiming space back under the 200-day simple moving average (aided by an RSI oversold signal), this appears to be a sellers’ market for the time being, at least technically speaking. While there is a…
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Given the psychological importance of ¥130, lower buying volume so far this month and overbought based on the slow stochastic, technical analysis would suggest that further strong gains in the near future are unfavourable. However, higher than expected inflation this afternoon could drive the dollar strongly in the short term at least. The long-term target…
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$1,800 remains the main technical reference; the price is currently testing this zone. Based on TA, at least a temporary breakout is likely this week with ATR at about $15. Continuation upward is uncertain and probably looks unlikely for now given the presence of price within the value area between the fairly tightly bunched moving…
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Fibonacci retracement here is based on the ongoing downward movement which paused in the second half of last week. The 38.2% appears to be an important area, with price failing twice to break above it on Thursday and Friday. There is no longer any indication of oversold on this timeframe from either Bollinger Bands or…
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Moscow Exchange (MOEX) announced that it has added trading with US Dollar/Japanese Yen (USD/JPY) currency pair to its list of offerings. Trades will be settled same day (T+0), next day (T+1) and on T+2 after the trade date. Оvernight and tom-next swaps will be also available. Тhe currency pair will also be available for OTC…
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ASIC and FCA licensed Retail FX broker AETOS Capital Group have provided their daily commentary on traditional markets for May 13, 2019. AUD/USD Australian dollar, a proxy for Chinese economic prospects, hit a high of 0.7017 after news of a positive trade compromise surfaced, however closed under 0.7000. There is still significant caution in the markets…
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