On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
EUR/JPY: bears are laying down conditions
2019-11-11 • Updated
SELL 130.85 SL 131.4 TP1 129.85 TP2 129.15 TP3 127.4
SELL 129.35 SL 129.9 TP1 128.35 TP2 127.4 TP3 125.75
On the daily chart, EUR/JPY keeps forming a “Shakeout-Fakeout” pattern. The return of the price to the middle of 129.15-132.15 allowed forming short positions. To continue the decline, bears need to pull the euro below 129.15.
On H1, EUR/JPY reached 113% target of the “Shark” pattern and the risks of a pullback to 23.6%, 38.2% and 50% of the wave CD increased. Such corrections are usually used for selling.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.