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 require the development of the correction
2019-11-11 • Updated
Recommendation: SELL 123,2 SL 123,75 TP 121.
On the EUR/JPY daily chart, target 113% of the inverted "Shark" pattern has been implemented. As a result, the risks for the development of the correction towards 38.2% and 50% levels of the CD wave increased. The rollback can be realized as part of the transformation process of the "Shark" pattern into 5-0. This can be used for opening long positions on the rebounds from the key support levels.
On the EUR/JPY hourly chart, a break of the diagonal support at 123.2 may result in the development of the correction towards targets at 78.6% and 88.6% levels in the "Shark" pattern.
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.