The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
JPY starts the week with decline
2023-07-18 • Updated
According to Japanese Finance Minister Shunichi Suzuki, there was "no discussion" about exchange rates during the recent meeting of Group of Seven (G7) finance ministers and central bank chiefs in India. This news comes as the yen weakened to around ¥145 per dollar last month, prompting concerns that the Japanese government may intervene in the currency market to support the yen. However, the yen has rebounded strongly this month to approximately ¥138 per dollar. A weak yen can benefit Japanese exporters and raise import costs for businesses and consumers. On another note, Suzuki reiterated Japan's strong support for Ukraine. Bank of Japan Governor Kazuo Ueda highlighted the uncertainty in the global economy, which is influencing the central bank's decision to maintain ultra-easy monetary policy despite inflation exceeding the target. The BOJ's loose monetary policy has been a key factor contributing to the yen's weakness compared to other major currencies. Keep an eye on these developments for potential impact on forex markets!
USDJPY - D1 Timeframe
USDJPY is currently resting on top of a double trendline situation within a strong pivot range. Looking also at how the moving averages are poised, there is a high likelihood that the price rebounds off the trendline in continuation of the original bullish movement.
GBPJPY - D1 Timeframe
GBPJPY, as shown in the chart, is currently trading inside a rising channel pattern. The moving averages are also currently in a bullish array, which lends credibility to the likelihood of a bullish reaction from the support trendline.
CADJPY - D1 Timeframe
CADJPY has, at this time, reached a strong demand zone. The demand zone has confluences from the trendline support, the 50-day moving average, and the bullish array of the moving averages. Based on the observed confluences, I will be watching for a continuation of the bullish trend.
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Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
Speculation persists regarding the Bank of Japan's potential departure from negative interest rates, yet the USD/JPY maintains its position within a 150–152 range for seven consecutive sessions. Caution is warranted due to a weaker-than-expected Q3 GDP, a slump in imports, and...
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Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
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