2019-11-11 • Updated
Recommendation:
SELL 110.85 SL 111.4 TP1 109.85 TP2 109 TP3 108.55
On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation. At the same time, the closeness of convergence area of 110.85-111.15 (61.8% of the last medium-term descending wave + 113% target of the “Shark”) increases the risk of bears’ counterattack.
On H1, the fact that USD/JPY is renewing May high will allow it to 161.8% and 200% targets of AB=CD and increase the odds of the reversal “Three Indians” pattern.
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...
The Pound exhibited a mixed performance due to limited fresh UK data, leaving it susceptible to external influences. Bank of England (BoE) policymakers, including Governor Andrew Bailey and Chief Economist Huw Pill, adopted a more hawkish stance, suggesting a...
The Bank of Japan (BoJ) recently concluded its October monetary policy review meeting, deciding not to make any adjustments to its current policy settings. This means the interest rate remains at -10bps, and the 10-year JGB yield target remains at 0%. A noteworthy change...
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
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
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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