The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.
USD/JPY: is here a pattern?
2020-08-12 • Updated
Price action in USD/JPY is in line with the bearish harmonic pattern “Gartley”. The pair has approached resistance at 106.88 (descending 50-day MA). The slide below 106.60 (200-MA on H4) will open the way down to 106.25. If, however, the USD keeps rushing higher and surpasses 107.00, it will get a chance to rise to 107.24 (100-day MA) and 107.55.
Trade ideas for USD/JPY
SELL 106.55; TP 106.25; SL 106.70
BUY 107.30; TP 107.50; SL 107.15
The odds of a final interest rate hike by the US Federal Reserve (Fed) this year have dropped after US job openings hit their lowest levels since early 2021. This has led to a correction in the US Dollar as traders reduced their bets on further rate hikes.
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.
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