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.
USD/JPY: the Bears continue sells
2019-11-11 • Updated
Technical levels: support – 110.50; resistance – 111.50.
- Buy — 110.70; SL — 110.50; TP1 — 111.50; TP2 — 111.80.
Reason: bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling lines; the market returned to negative zone but near strong support of 110.50.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
The most prominent technical factor that jumped at me as soon as I saw the chart though was the wedge I marked above.
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