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2020-09-14 • Updated
The US dollar looks vulnerable versus the Japanese yen. As you can see, the resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down. The pair formed a lower high and is already testing levels below 106.00. On the H4, the support line is at 105.75. The decline below it will open the way down to 105.30 (August support area). This bearish scenario is in line with the negative expectations traders have ahead of the FOMC meeting on Wednesday.
SELL 105.70; TP 105.30; SL 105.85
The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
What happened? US stocks ended sharply higher on Thursday, May 27, after a 7-week losing streak…
Next week, we expect the BOC rate statement, the OPEC+ meeting, and the Nonfarm payrolls release. Let's look at the opportunities in detail!
Amazon announced the company is going to make a 1 – 20 stock split on June 3 after the trading session close (23:30 GMT+3).
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