The current trading week is going to be quite eventful!
Tag - jpy
How to trade during Martin Luther King Jr Day.
In times of political and economic uncertainties, analysts recommend investing in safe-haven assets. However, since recently, the USD with the weak American economic data and the easing monetary policy has been losing its status. What about the JPY and XAU? The situation is unclear.
The recent Chinese figures bring optimism
US-China agreement was priced in. Thus, markets are calm. The only important event of the day is US retail sales level.
AUD/JPY has been recovering from the 74.00 area since the start of January, but met resistance in the 76.00 area.
EUR/JPY is enjoying the medium-term uptrend since the start of September. The pair’s currently trading above the 50-week MA (121.66) and above December highs (122.50).
Most of the majors didn't catch the chance to rise against the USD after the weaker-than-expected NFP release. Currently, the sentiment is determined by the signing of the US-China trade agreement.
The US dollar had a strong week versus the Japanese yen. USD/JPY opened with a gap down on the W1, but is now trading above the highs of the previous week.
If you look on the weekly chart of GBP/JPY. You will see that the pair has ran into resistance of the 200- and 100-week MAs.
American trade balance and ISM Non-Manufacturing PMI may affect the US dollar. As a result, major pairs may change their direction.
This week will be shaped by the American NFP release in line with other indicators, all set between the US-China trade deal expectation and the US-Iran conflict escalation.