ONLINE FOREX BROKER
2023-02-20 • Updated
There are rumors from influential sources pointing at Kazuo Ueda as the next governor of the Bank of Japan (BOJ). This decision could lead to the commencement of policies in favor of raising interest rates and monetary policy tightening. Seeing how his appointment is coming after the Yen has lost ground against the Dollar and other top economies, it is only natural to expect a yen recovery. However, let's check the technical factors for confirmation of this prediction to see if the stars align.
The horizontal arrow marks the previous low that was recently broken. At the same time, the rectangle highlights the order block (supply zone) responsible for the breakout. The 100 and 200-day moving averages align with the supply zone, increasing the chance for a bearish reaction from that area. The 88% of the Fibonacci retracement tool can be considered an added confluence in favor of the bearish move.
Analysts’ Expectations:
Direction: Bearish
Target: 131.5
Invalidation: 138.2
The two trendlines slightly inching towards each other have formed a wedge pattern on the daily timeframe of the EURJPY chart. Based on the fact that the most recent break of the structure was bearish, the supply zone responsible has been highlighted. It is also worthy of note that the supply zone falls within 76% of the Fibonacci retracement zone and aligns with a trendline resistance. These factors lead to a convincing bearish sentiment.
Analysts’ Expectations:
Direction: Bearish
Target: 141.5
Invalidation: 146.5
CADJPY is poised for a bearish rejection a short while from now. The clause here is that price has presented us with two possible supply areas. The first supply zone aligns with the trendline resistance, while the other has the 100 and 200-day moving averages as confluences for the supply zone. While either scenario can play out, I'd rather err on the side of caution by choosing the second supply zone since it has a slightly better chance.
Analysts’ Expectations:
Direction: Bearish
Target: 103.56
Invalidation: 97
CHFJPY has the cleanest setup in this article. Here we see the descending channel with confluences from the 100-day moving average, trendline resistance, supply zone, and the 76% Fibonacci retracement level. The sentiment here is bearish.
Analysts’ Expectations:
Direction: Bearish
Target: 139.5
Invalidation: 148
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Here's the scoop: The Bank of England (BOE) is set to accelerate the pace at which it shrinks its balance sheet, according to one of its deputy governors. Currently, the BOE is unwinding about £20 billion of quantitative easing every three months. The goal is to reduce the stock by around £80 billion per year through active sales and maturing assets.
It seems like the Canadian consumer has a firm grip on their wallet, which is no surprise given the current economic climate. Inflation in April crept up from 4.3% to 4.4%, adding to the financial woes.
On Wednesday, the US dollar weakened in anticipation of the US CPI data, which could influence market exposure. A Bloomberg survey predicts a year-on-year read of 5.0% to the end of April. Market sentiment is affected by the US debt ceiling and issues with regional banks. While the major APAC equity indices are...
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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