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.
USD/JPY: how to trade after NFP
2019-11-11 • Updated
BUY 113.00; TP 113.60; SL 112.80
SELL 112.60; TP 112.20; SL 112.75
SELL 112.00; TP 111.45; SL 112.20
As the market is waiting for the release of the American Nonfarm Payrolls (NFP), let’s pick a currency pair that will definitely show a big reaction to this event. This pair is USD/JPY.
Technically it remains in an uptrend as long as it’s trading above 112.20 (100-day MA, 23.6% Fibo). At the same time, upside momentum of this trend has clearly declined. If the US figures disappoint, it will be easy for USD/JPY to break down. At the same time, as long as support stands, the pair may return to the resistance if the economic data are good.
On H4, there’s a short-term downtrend resistance line that currently limits the buyers. The market is likely to make its move after 15:30 MT time.
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
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.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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?