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 testing support
2019-11-11 • Updated
SELL 110.75; TP 110.30; SL 110.95
BUY 111.60; TP 112.20; SL 111.40
USD/JPY made a big break down last week and fell until it got supported by 100-week MA at 111.00. The new week started with a bearish gap and the pair opened below this support. As a result, it may test 50-week MA and the lower weekly Bollinger band at 110.30.
A decline below 38.2% Fibo and last week’s low at 110.78 is needed to confirm the near-term downside.
On the upside, a recovery above 111.60 is needed to open the way up for a correction to 112.20.
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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