USDJPY

Daily Market Comment – Wall Street hits new records as ‘bad news’ is good news

Posted on December 7, 2020 at 10:29 am GMT

Disappointing US jobs report fuels hopes for Congressional stimulus deal Stocks hit new highs, dollar stabilizes, big week ahead for markets Sterling suffers amid reports of insufficient Brexit progress Why has the dollar been ravaged lately? Short answer is inflation Bad news is good news in stimulus game Wall Street sailed to a new record high on Friday despite a disappointing US employment report, as investors bet that the soft numbers would put pressure on politicians in Congress to deliver [..]

Technical Analysis – USDJPY lacks bullish signals, but still close to the channel resistance

Posted on December 2, 2020 at 8:12 am GMT

USDJPY has been moving sideways the past week within the 104.00 area and slightly below its 20-day simple moving average (SMA), showing no intention to escape the eight-month old bearish channel. The bearish cross within the downward-sloping 20- and 50-day SMAs continues to back the negative pattern in the price, while the RSI and the MACD have barely shown any persisting strength over the past week, keeping the case of a meaningful rally in the market muted. On the upside, [..]

Daily Market Comment – Dollar slips again on Fed speculation; stocks pause for breath

Posted on November 30, 2020 at 10:00 am GMT

Dollar extends slide as investors look to Powell testimony and NFP report for Fed clues Stocks stumble at start of week, but vaccine progress keeps risk appetite alive Pound still holding out for Brexit breakthrough as time running out Oil slips as OPEC+ unlikely to agree on long extension to output cuts Dollar remains pinned down in crucial week There was no end in sight to the US dollar’s losing streak at the start of the new trading week as [..]

Technical Analysis – USDJPY rallies above 104.00; neutral-to-bearish in near-term

Posted on November 30, 2020 at 9:38 am GMT

USDJPY surged above the 20- and 40-period simple moving averages (SMAs), flirting with the Ichimoku cloud and surpassing the 104.00 psychological level. The RSI is sloping north, resting around the 50 level, though the MACD oscillator is still moving sideways in the negative territory in the 4-hour chart. If buying interest picks up, early tough resistance could occur at the upper surface of the cloud around 104.66. A violation of this level may shoot the pair to challenge 104.76 and [..]

Daily Market Comment – Dollar on the ropes, aussie unfazed by China tariffs

Posted on November 27, 2020 at 12:09 pm GMT

Greenback hovers near lows, markets quiet overall What’s the outlook for euro/dollar from here? China slaps tariffs on Australian wine, but aussie immune Crunch time in Brexit talks as EU negotiators travel to London All quiet on the FX front It was a relatively subdued session in global markets yesterday with US traders being away on holiday. Most stock indices closed flat and currency pairs generally traded in narrow ranges, with no real headlines to steer the price action and [..]

Daily Market Comment – Dollar on the defensive, market rally pauses

Posted on November 26, 2020 at 9:24 am GMT

Stock markets pause for breath, currencies quiet too Dollar the only notable mover, extends recent losses Crude oil retreats from highs as OPEC meeting looms Sterling in the spotlight as Brexit headlines turn cautious Markets calmer on Thanksgiving The ecstatic mood that prevailed in global markets earlier this week seems to have faded for now, with stock markets being essentially flat since Tuesday and most currency pairs confined in narrow trading ranges. There is a sense that investors are waiting [..]

Technical Analysis – USDJPY hovers within SMAs; still stands in descending channel

Posted on November 25, 2020 at 7:04 am GMT

USDJPY is pointing slightly upwards, touching the 20- and 40-day simple moving averages (SMAs), remaining in a descending channel since March 3. According to the technical indicators, the MACD is approaching the zero line, holding above its trigger line, while the RSI is touching the neutral threshold of 50 in the near term. A successful increase beyond the 40-day SMA could find immediate resistance at the upper surface of the downward sloping channel at 105.35. If the bulls manage to [..]

Daily Market Comment – Dollar comeback falters, gold gets burned

Posted on November 24, 2020 at 10:45 am GMT

US PMIs show economy firing up, dollar bounces but falls back Stocks power higher, yet the Fed remains a wild card Kiwi cheers potential changes to RBNZ mandate Gold burned by a stronger greenback and higher yields Strong PMIs send ripples across markets A perfect storm of encouraging news has engulfed global markets early this week, reawakening some animal spirits. The latest AstraZeneca vaccine isn’t as effective as its counterparts but is much cheaper and easier to store, the US [..]

Daily Market Comment – New batch of vaccine hopes and the Brexit endgame

Posted on November 23, 2020 at 10:01 am GMT

Fresh vaccine news boosts risky assets, but only barely Vaccines losing their mojo in lifting markets? Sterling cruises higher as speculation around a Brexit deal grows European PMIs not quite as dismal as feared Diminishing positive returns from vaccine news? The vaccine hype train keeps on rolling. AstraZeneca was the latest drug maker to announce its late-stage trial results and even though the efficacy rate was only 70% – much lower than that of Pfizer or Moderna – the news [..]

Technical Analysis – USDJPY finds strong support around 103.70; continues to drift lower

Posted on November 23, 2020 at 9:12 am GMT

USDJPY remains under pressure and risk is still to the downside as prices continue to drift lower from the 105.65 resistance. However, the pair is finding strong support around the 103.68 level. The short-term technical indicators are flattening and point to more weakness in the market. Looking at the 4-hour chart, prices are looking capped by the 20-period simple moving average (SMA) and the red Tenkan-sen line which are negatively aligned. The RSI indicator is holding in the negative region with weak momentum, while the [..]

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