2020-09-17 • Updated
The Japanese yen gained amid the overall risk-off sentiment on the market. Let’s discuss the details.
The Federal Reserve held a meeting yesterday, where it left rates at low levels until 2023. Nevertheless, market participants didn’t take it as dovish. Instead of that, the US dollar strengthened and outperformed most major currencies (except the Japanese yen).
Following this, the Fed claimed that the recovery path would be quite uncertain. As a result, they streamed their capital from risker currencies and stocks into safe-haven assets such as the US dollar and the Japanese yen. Choosing between two of them, the yen seems to be more attractive amid constant US-China tensions and worse-than-expected US retail sales.
Moreover, the Bank of Japan made a monetary policy report this morning. The central bank left asset purchases and interest rates at the current levels. Later on, officials said that they would unveil more stimulus aid if needed. What’s more important, the BOJ added optimistic comments about the Japan output, exports, and consumer spending. As a result, it added some tailwinds to the Japanese yen.
USD/JPY has approached to the key support of 104.70 on the daily chart. The move below will drive the price even deeper to the low of July 31 at 104.30. In the opposite scenario, if it jumps above the intraday high of 105.10, it will clear the way towards the next round number at the 105.50 level.
Follow US unemployment claims at 15:30 MT time. They will add volatility to USD/JPY!
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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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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