By Mexgroup.com
USD/JPY Should reach new highs
The currency pair has resumed the upside movement and seems poised to jump much higher after the good United States data. The pair has retreated a little because the traders were a little surprised by some US data.
USD/JPY is trading in the green and should resume the upside movement because is expected to reach some important resistance levels. We’ll see what will happen because the dollar index is still located under some very important resistance levels. The USDX is now pressuring the 92.49 static resistance, a valid breakout above could confirm a further growth in the upcoming period.
The dollar received a helping hand from the United States data, the Unemployment Claims dropped unexpectedly in the previous week, from 298K to 284K, even if the traders have expected to see an increase to 303K. Moreover, the CPI rose by 0.4%, beating the 0.3% and the 0.1% growth in the former reading period, while the Core CPI surged by 0.2%, matching the 0.2% estimate.
USD/JPY continues to move in range on the short term, remains to see how will react when will hit the warning line (WL3). We’ll see if will have enough energy to reach the confluence area formed at the intersection between the 38.2% retracement level with the WL3. Only a valid breakout above the WL3 will confirm a further increase, while a rejection will send the rate tumbling.
Free Reports:
USD/CHF On The Run
The price is strongly bullish on the short term and seems motivated to jump above the second warning line (WL1) of the ascending pitchfork. A valid breakout will confirm a further increase towards the upper median line (uml) of the minor descending pitchfork. Resistance can be found at the 0.9787 horizontal resistance.
USD/CAD Rebound In Play
The price continues to increase on the short term and could close the above the 1.2200 psychological level. The rebound could be only temporary because is hard to believe that will have enough directional energy to make a broader rebound without another decrease. Resistance can be found at the median line (ml) of the minor descending pitchfork and at the lower median line (LML).
By Olimpiu Tuns
Market Analyst
Risk Disclaimer:
Trading, in genera,l is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment/deposit, so do not invest money you can’t afford to lose. You are strongly advised to carry out your independent research before making any trading decisions. All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this web site.
The post Daily Market Report – USD/JPY Edges Gigher September 14, 2017 appeared first on mexgroupblog.
