All Articles Tagged - USDJPY

Technical Analysis – USDJPY sellers could stay in play

Posted on July 12, 2023 at 7:53 am GMT

USDJPY has been sold aggressively since the NFP release last Friday, falling by almost 2.0% to a one-month low of 139.30. The bears snapped the latest bullish wave from mid-June, which peaked at 145.00, currently aiming for a close below the 50-day exponential moving average (EMA) and the support trendline from the March low at 140.30. Given the negative trajectory in the momentum indicators, the freefall in the price is expected to gain another leg to enter the 138.55-138.00 constraining zone, where [..]

Daily Market Comment – Dollar extends fall ahead of US inflation data

Posted on July 12, 2023 at 7:39 am GMT

US dollar beaten up as US inflation report looms Narrowing yield differentials turbocharge the yen RBNZ takes the sidelines, BoC takes the central bank torch Wall Street and gold gain on sliding Treasury yields Dollar traders are positioning for a soft US CPI report The US dollar continued tumbling on Tuesday and during the Asian session Wednesday, losing ground against all the other major currencies. Perhaps traders are positioning for another soft US CPI report later today, a view that [..]

Daily Market Comment – Cable hits new highs as falling yields blast dollar

Posted on July 11, 2023 at 8:47 am GMT

Dollar gets crushed as traders price in a ‘cold’ CPI tomorrow Sterling and yen benefit the most, Cable hits 15-month highs Gold attempts to exit range to the upside, stocks bounce back Dollar derailed by falling yields It’s been a dreadful month for the US dollar so far, even though incoming data releases continue to reaffirm the superiority of the American economy. Economic growth for the second quarter is tracking around 2%, the housing market has staged an impressive recovery, [..]

Weekly Technical Analysis – USDJPY, USDCAD, NZDUSD

Posted on July 10, 2023 at 12:46 pm GMT

Wednesday is when the RBNZ and BoC announce their interest rate decisions, so the New Zealand and Canadian currencies will attract special attention. US inflation data could make the FX market more volatile on the same day, shedding some extra light on whether the Fed will proceed with another rate hike this month. US CPI inflation –> USD/JPY Despite the significant spike in ADP employment data, Friday’s nonfarm payrolls report revealed a softer-than-expected job creation of 209k and a downward [..]

Daily Market Comment – Dollar slides, gold shines after nonfarm payrolls

Posted on July 10, 2023 at 8:16 am GMT

Dollar gets knocked down by miss in US employment growth Gold benefits, but can it sustain a rally with real yields rising? Stock markets kick off new week with losses, Fed speakers eyed Bruised dollar awaits inflation test The world’s reserve currency absorbed some damage last week, in the aftermath of the latest US employment report. Nonfarm payrolls clocked in at 209k in June, which was below consensus estimates of 225k, disappointing traders who were likely positioned for a stronger [..]

Daily Market Comment – Strong US data boost Fed bets ahead of NFP report but dollar muted

Posted on July 7, 2023 at 9:28 am GMT

Markets brace for another solid jobs report after strong ADP and ISM services PMI But dollar struggles to shine as rally in bond yields spreads globally Yen extends gains as stocks slip, gold sags but oil rebounds further Steeper Fed rate path eyed after upbeat data Risk appetite is in short supply on Friday ahead of the US nonfarm payrolls report later in the day after economic health gauges allayed heightened recession fears from earlier in the week but bolstered [..]

Technical Analysis – USDJPY remains flat near intervention territory

Posted on July 6, 2023 at 3:05 pm GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. However, the pair seems to be consolidating in the near term after flirting with the 145.00 level, which is considered a critical region around which the Japanese authorities are likely to intervene to stop the rally. The momentum indicators currently suggest that bullish forces are fading but remain in control. Specifically, the stochastic oscillator dived beneath its overbought zone, while the [..]

Daily Market Comment – ADP and ISM non-mfg PMI enter the spotlight

Posted on July 6, 2023 at 8:23 am GMT

Fed minutes corroborate hawkish Fed view ADP jobs report and ISM non-mfg PMI in focus Dollar/yen pulls back after pause near 145.00 Wall Street takes a breather ahead of key data Dollar traders lock gaze on ADP and ISM non-mfg index The main item on yesterday’s agenda was the minutes from the June FOMC meeting, which revealed that although participants voted unanimously to hold interest rates steady, some Fed officials wanted to proceed with a rate hike at that gathering, [..]

Daily Market Comment – Dollar stays weak ahead of key data, yen flirts with intervention zone

Posted on July 5, 2023 at 8:35 am GMT

Dollar extends slide after dismal ISM manufacturing PMI Fed minutes on today’s schedule; ADP and ISM non-mfg PMI tomorrow Yen pauses slide on intervention fears Wall Street resumes trading after Independence Day Dollar stays on the back foot, awaits more key data The US dollar traded lower against most of the other major currencies on Tuesday, gaining ground only against the euro and the Swiss franc. With the US markets being closed in celebration of Independence Day on Tuesday and [..]

Technical Analysis – USDJPY trades sideways, momentum ready to turn bearish

Posted on July 5, 2023 at 7:03 am GMT

USDJPY has been trading sideways over the past five sessions as the aggressive rally that started on March 24, 2023 appears to have halted. There are a few reasons for the latest move, including the intervention talk, but the bears are still not satisfied. They are desperately looking for a small pullback to recover part of their recent losses and dent the bulls’ confidence. It is fair to say that the momentum indicators are finally showing some rally exhaustion signs. [..]

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