2019-11-11 • Updated
USD/JPY has posted slight gains in the first half of past week as political tumult over Trump's obstruction of justice subsided. The yen regained its momentum following the release of the FOMC meeting minutes that conveyed a less hawkish tone than traders had expected. Fed’s policymakers demanded more evidence that the recent slowdown in the US economy was temporarily before raising interest rates. On Friday, the yen has strengthened following the release of solid inflation figures out of Japan. Japan’s core consumer prices rose for a fourth month in April which it the longest rally of gains since mid-2015.
Traders will continue searching for confirmation of the Fed’s June rate hike next week. First, they will pay attention to the US consumer confidence report, US Chicago PMI and pending home sales all coming in the first half of the week. The US unemployment claims, ADP report and manufacturing figures will be awaited on Thursday. Friday will be marked with the US labor market report. From Japan, we will get jobless rate, core inflation figures and retail sales on Monday, final manufacturing PMI on Thursday and consumer confidence report on Friday. Following the US Memorial Day scheduled for the 29th of May, the investigations into Russia’s meddling into the US election and any ties with Trump campaign will probably be renewed. This might increase the demand for safe-haven yen and hurt the yen.
The current technical outlook for the USD/JPY is still neutral. The weekly moves over the past few days have been quite muted. In the short term, the prices will likely trade in the cloudy area of Ichimoku indicator on the daily chart. A break of the horizontal Senkou Span B located at 111.80 will open the way towards the resistance at 112.50. A drop below the lower border of the 110 – 113.10 consolidation range might send quotes to test lower supports at 109.60, 108.70.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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