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Equities trade cautiously after Wall Street slump

Top daily news

Global markets are edging higher currently after Wall Street retreat broadened Thursday led by technology shares. Tesla underperformed market dropping 4.1% . Berkshire Hathaway stock also underperformed market, down 1.03% Thursday.

Forex news

Currency Pair	Change
EUR USD	+0.09%
GBP USD	+0.13%
USD JPY	-0.19%

The Dollar strengthening has halted currently ahead of the University of Michigan preliminary consumer sentiment report at 18:00 CET today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slid 0.2% Thursday after Labor Department report 860 thousand Americans filed for first-time benefits instead of forecast of 825,000. At the same time the Philadelphia Fed manufacturing index fell to 15 in September from 17.2 in prior month indicating slowing of economic recovery. However housing starts rose 3% over year in August at a seasonally adjusted annual rate of 1.42 million. EUR/USD joined GBP/USD’s continued climbing yesterday as the Bank of England didn’t alter interest rates while meeting minutes revealed policymakers discussed how it could set negative interest rates if conditions warranted. Both Pound and euro are higher against the Dollar currently. Both yen and Australian dollar continued climbing yesterday against the greenback with the dynamics intact for both currently.

Stock Market news

Indices	Change
Dow Jones Index	+0.08%
Nikkei Index	+0.18%
Australian Stock Index	-0.32%

Futures on three main US stock indexes are rising currently after slumping Thursday. The three main US stock benchmarks recorded losses ranging from 0.5% to 1.3%. European stock indexes are rebounding today after ending lower Thursday. Asian indexes are moistly rising currently with Australia’s All Ordinaries ASX 200 Index leading losses.

Commodity Market news

Commodities	Change
Brent Crude Oil	+0.39%
WTI Crude	+0.05%

Brent is extending gains today after Goldman Sachs report estimating “that the oil market remains in deficit with speculative positioning now at too low levels.” Oil prices rose yesterday after the Organization of the Petroleum Exporting Countries and its allies stressed the importance of full compliance with output cuts at their monthly meeting. The US oil benchmark West Texas Intermediate (WTI) futures ended higher yesterday: October WTI rose 2% and is higher currently. November Brent crude closed 2.6% higher at $43.30 a barrel on Thursday.

Gold Market News

Metals	Change
Gold	+0.55%

Gold prices are retracing higher today . December gold lost Thursday settling 1% lower at $1949.90 an ounce.

Market Analysis provided by IFCMarkets.com

Financial News Stock Market News

17 Sep

Bank of England pour fuel onto the GBP fire

By Lukman Otunuga, Research Analyst, ForexTime

Although the BoE kept policy measures and rates unchanged at its meeting today, it said it had explored plans to take interest rates into negative territory if necessary. The bank’s main scenario is based on the UK signing a Brexit trade deal before the end of the year, so the market has reacted strongly in light of the negative recent headlines and increasing risk of a no-deal. At one point, the GBP was one of the weakest major currencies on the day, down nearly 0.7% while money markets have been given little choice but to price in negative rates in early 2021.

Although it would seem that more QE and bond buying will take place ahead of negative rates, sub-zero borrowing costs are not just in the toolbox now, but briefings are taking place on how to implement them effectively. And that is the sixty-four million pound question as negative rates have failed to boost the economies of Japan and Europe, hurting the banking sector in the process who park their funds with the central banks.

The damage to Sterling has been done and the recent softening in the UK government stance by giving a veto to Parliament over some measures of the Internal Market bill doesn’t appear to be enough to change the odds so far of any kind of success in the trade talks. The 50-day Moving Average at 1.2993 was too much of a hurdle for Cable but the pair has found near-term support at 1.2850.

Fed aftermath leaves risk off, for now

The Dollar is consolidating its gains from overnight with US stocks opening firmly lower as the disappointment from last night’s meeting grows. The Fed delivered the minimum dovish statement on QE as the bar to ‘outdove’ itself and shake the prevailing stance was high. Chair Powell emphasised the steady profile of rates in the coming years and the fact that data has surprised to the upside is clearly positive, with the upcoming elections and the pressure now on government to do more.

Further out, in an average inflation targeting regime, what matters is continuously easier financial conditions, and this ultimately means the Dollar trading weaker in the Fed’s fight for higher inflation. DXY’s pop higher earlier this morning bumped up near to resistance at this month’s peak around 93.66. If prices continue to struggle, then bears will attack 92.70/80 as the first support ahead of the big figure.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Financial News Forex and Currency News

17 Sep

WHEAT Analysis: Higher global wheat supply expectations bearish for wheat price

By IFCMarkets.com

Higher global wheat supply expectations bearish for wheat price

The US Department of Agriculture World Agricultural Supply and Demand Estimates September report a week ago forecast larger global 2020/21 supplies and higher stocks. Total 2020/21 net wheat production is now forecast at record 770.5 million bushels, up 4.5 million tons, mainly due to expected higher production in Australia and Canada. Projected 2020/21 world ending stocks are increased 2.6 million tons to a new record 319.4 million. Expectations of ample global wheat supply are bearish for wheat price.

Indicator	VALUE	Signal
RSI		Neutral
MACD		Sell
Donchian Channel		Sell
MA(200)		Buy
Fractals		Sell
Parabolic SAR		Sell
Fibonacci		Buy

Summary of technical analysis

Order	Sell
Buy stop	Below 534.3
Stop loss	Above 556.8

Market Analysis provided by IFCMarkets.com

Financial News Soft Commodities

17 Sep

Check your financial plans are ‘negative interest rate ready’: deVere CEO

By George Prior

Personal financial strategies should be reviewed to ensure they are ‘negative interest rate ready’, warns the CEO of one of the world’s largest independent financial advisory and fintech organizations.

The comments from Nigel Green, the founder and chief executive of deVere Group, come as the Bank of England voted unanimously on Thursday to leave UK interest rates at their current record lows, at 0.1% – but keep negative interest rates in its “toolbox” of possible measures.

The U.S. Federal Reserve said on Wednesday that it will likely keep its key interest rate near zero until the economy reaches full employment and inflation runs “moderately” above its 2% goal for “some time,” a pledge that is likely to keep rates ultra-low for at least five years.

Mr Green says: “Struggling to ease the economic pain of the pandemic, central banks have ushered us into an era of almost zero interest rates – with some experts saying that the U.S. Federal Reserve and the UK’s Bank of England, amongst others, could be on the brink of implementing negative interest rates as other central banks have already done across the eurozone and in Japan.

“This would have been unimaginable even a few months ago. But the shifts have been seismic this year.”

This is why he believes that more than ever “serious, joined-up financial planning strategies” are essential for those who are committed to growing and protecting their wealth.

He continues: “In an almost zero interest rate era – or perhaps a wide negative interest rate era looming – it’s not enough to think that you can rely on the strategies of before.

“For instance, so-called low-risk bonds, such as U.S. Treasuries, once the bedrock of investment portfolios are not providing the returns they once did. Indeed, yields have been at historic lows, prompting many experts to openly question their value.”

The deVere CEO goes on to add: “Cash is certainly ‘not king’ at the moment either. Cash sitting in accounts is most likely earning you almost nothing. It will definitely not be generating decent income.

“Meanwhile, investing in stocks offers its own complexities.

“Global stock markets have, in general terms, been on an impressive rally in recent months. But delve into the picture and all is not what it seems. A handful of firms in a handful of sectors are bringing up entire indexes.”

He concludes: “Personal financial strategies should be assessed to make sure they are suited to a new era of likely permanently ultra-low or even negative interest rates.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Financial News Stock Market News

17 Sep

Ichimoku Cloud Analysis 17.09.2020 (EURUSD, BTCUSD, USDCAD)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1764; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.1795 and then resume moving downwards to reach 1.1655. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.1895. In this case, the pair may continue growing towards 1.1935.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is trading at 10886.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 10725.00 and then resume moving upwards to reach 11345.00. Another signal in favor of further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 10465.00. In this case, the pair may continue falling towards 9805.00.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3238; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.3205 and then resume moving upwards to reach 1.3325. Another signal in favor of further uptrend will be a rebound from the upside border of a Triangle pattern. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3125. In this case, the pair may continue falling towards 1.3035.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Financial News Forex and Currency News

17 Sep

The US Dollar Is Strengthening. The Fed Has Kept Interest Rate Unchanged

by JustForex

The US currency is strengthening against a basket of currency majors. The US dollar index (#DX) closed in the green zone (+0.16%) yesterday. Investors assess the results of the Fed meeting. The regulator left the key interest rate unchanged at the level of 0.00-0.25% per annum, as experts forecasted. Fed members expect the base interest rate to remain at the current level until the end of 2023. In addition, the Fed improved its forecast for US GDP for 2020 but worsened its forecasts for 2021-2022. US GDP is expected to decline by 3.7% this year, grow by 4% in 2021 and by 3% in 2022.

The British pound has been growing after EU officials threatened that the chances of a trade deal with the UK would be diminished if the British government continued to push forward an internal market bill that violated all agreements to exit the country from the EU. It should be recalled that British Prime Minister Boris Johnson criticized the European Union, as the bloc refused to compromise in trade negotiations and received parliamentary approval to violate Brexit conditions. The EU wants Johnson to stop working on the internal market bill, but the official has no intention of backing down on his plans. Investors also expect the Bank of England meeting today, during which interest rate decision will be made.

Today, during the Asian trading session, the Bank of Japan meeting has been held. At the end of the meeting, the regulator maintained its ultra-loose monetary policy and left the interest rate unchanged at -0.10% per annum.

The “black gold” prices are consolidating. At the moment, futures for the WTI crude oil are testing the $39.85 mark per barrel.

Market indicators

Yesterday, there was a variety of trends in the US stock market: #SPY (-0.40%), #DIA (+0.16%), #QQQ (-1.59%).

The 10-year US government bonds yield is consolidating. The indicator has reached the level of 0.68-0.69%.

The news feed for 2020.09.17:

– Consumer price index in the Eurozone at 12:00 (GMT+3:00);
– Bank of England interest rate decision at 14:00 (GMT+3:00);
– Initial jobless claims in the US at 15:30 (GMT+3:00);
– Philadelphia Fed manufacturing index at 15:30 (GMT+3:00).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Financial News Forex and Currency News

17 Sep

Forex Technical Analysis & Forecast 17.09.2020

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After re-testing the mid-term resistance level at 1.1869, EURUSD failed to reach the resistance line of a Triangle pattern at 1.1896. However, the pair has managed to break the support level at 1.1832 and reach the projected support area at 1,1789. After forming another pullback and testing from below, the asset may continue its mid-term decline with the target at 1.1675.

GBPUSD, “Great Britain Pound vs US Dollar”

After reaching the projected resistance line of the mid-term channel at 1.2890 and testing it, GBPUSD has fixed above it; the current support is at 1.2895. The MACD indicator is directed to the upside, thus confirming the potential for further growth to break 1.3030 and then reach 1.3150. However, if the price breaks the local support area at 1.2895, the market may continue falling towards 1.2805 and then update the lows at 1.2600.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still slowly falling towards the support area at 74.50. If the price breaks it, the market may continue the current descending tendency with the target at 71.90. This scenario is confirmed by the MACD indicator, which is directed to the downside. After testing the support area and rebounding from it, the pair may form a new ascending wave to reach the high at 76.58 and then 77.50.

USDJPY, “US Dollar vs Japanese Yen”

After testing and breaking 104.88, USDJPY is expected to continue falling with the target at 104.40. The MACD indicator is forming a convergence, which may hint at a short-term pullback or a reversal after the instrument reaches the above-mentioned target. The resistance line is at 105.50.

BRENT

After reaching the targets at 38.2% and 50.0% fibo at 42.00 and 42.75 respectively, Brent is correcting but may yet update the highs soon. After that, the instrument may reverse and resume falling towards the key support area at 40.00.

XAUUSD, “Gold vs US Dollar”

After testing the support level at 1954.00 from above and then forming a new ascending structure, Gold has updated the local high but yet failed to reach a psychologically-crucial level at 2000.00. However, there is a divergence on MACD, which indicates a potential reversal and a breakout of the support area at 1954.00 and continue falling within the Triangle pattern with the target at 1921.60.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is forming a new correctional uptrend and has updated the local high but yet failed to reach 61.8% fibo at 11200.00. Taking into account a stable ascending tendency, the MACD indicator is forming a divergence, which may hint at a new decline towards the support area at 10440.00 and then continue falling towards with the key target at the low at 9824.00.

S&P 500

The S&P 500 index is correcting upwards; it has already reached 38.2% fibo but yet failed to reach 3451.0. After a short-term pullback and a divergence, the pair has fallen towards the support area at 23.6% fibo at 3376.6. “Black Cross” on MACD hints at further decline to reach the low at 3310.6 and then the mid-term 23.6% fibo at 3258.9.

Article By RoboForex.com

Financial News Forex and Currency News

17 Sep

Biden Threatens To Punish UK

By Orbex

FOMC Gives Dollar Fresh Hope

The US Index finished indecisive on Wednesday as the Federal Reserve published their policy statement.

The key takeaways from the FOMC meeting saw the Fed committed to more asset purchases. In addition, it signaled no interest rate increases until at least the end of 2023.

Retail sales in the US climbed in August for a third straight month. However, at a slower pace than expected.

This news weighed in on the EURUSD pair, closing 0.27% down towards monthly lows.

However, the lack of any concrete steps towards fiscal stimulus lingers over the dollar.

We now look towards today’s jobless claims if the numbers can steer clear from the 1-million mark.

Sterling Pushes Towards 1.30

The pound finished 0.63% higher yesterday as bulls close in on the 1.30 handle.

The 3-day ascension was boosted by news that Prime Minister Boris Johnson has agreed to amend the controversial Internal Markets Bill.

This comes as Joe Biden stated he will not allow peace in Northern Ireland to become a “casualty of Brexit” if he is elected US President in November.

The Democratic candidate said any UK-US trade deal had to be dependent on respect for the Good Friday Agreement.

Pandemic Headlines Shift Risk Appetite

The yen closed 0.47% down on Wednesday as it retreated below the 105 handle.

Increased infection rates across all major economies pushed traders towards the safe haven.

Gold was also buoyed over the recent headlines as the yellow metal ended the session 0.30% higher.

The rise comes as governments continue to lift restrictions to try to boost economies. As schools now reopen, could we see levels hit the same heights as pre-lockdown?

Another Sell-Off in the Stock Market

US indices took a step back yesterday as the S&P500 closed 0.58%. The Nasdaq was the main casualty as it fell by 1.3%.

The sell-off in the technology sector followed comments by the Fed’s chairman Jerome Powell. He stated that the pace of the US economy would eventually slow.

Facebook shares fell by 3% with reports that the company is likely to face an antitrust investigation from the Federal Trade Commission.

WTi closes above $40

Oil closed 5% up yesterday after the EIA reported that inventories fell by 4.4 million barrels last week.

The data showed an unexpectedly large weekly drop in crude inventories, giving oil its best day since June.

Hurricane Sally added to the sentiment as a swath of oil refineries shut down.

Will hurricane Teddy push oil to fresh highs?

By Orbex

Economics & Fundamentals Financial News

17 Sep

Markets disappointed by the Fed, despite no rate hike for years

By Hussein Sayed, Chief Market Strategist (Gulf & MENA), ForexTime

After one of the most anticipated FOMC meetings in recent times, equity markets are sinking across the globe with Asian stocks falling the most in a week. The S&P 500 and Nasdaq 100 futures indicate losses of more than 1% at the open, while the US dollar continues to strengthen against its major peers.

Investors were not satisfied with the Fed’s new forward guidance, although Jerome Powell delivered exactly what he had promised. Interest rates will stay near zero for at least three years and may even remain low beyond 2023. More precisely, the Fed said interest rates would not rise until the economy reaches full employment and inflation moderately exceeds 2% “for some time.” According to the economic projections, the Fed will only get to the two targets by 2023. Still, the term ‘for some time’ is rather vague and was not translated into a specific period which could have been a reason for disappointment.

Markets seem to have wanted more than just low interest rates for prolonged periods. They wanted additional stimulus through increased purchases of Treasury and Mortgage-backed securities, but they didn’t get it. The current program is running at $120 billion per month and Jerome Powell does not see any urgency in adjusting this amount. In fact, he’s probably right not to do so given many economic data points have surprised to the upside over the past few months.

The Fed by itself cannot generate demand, hence it needs the support from fiscal policymakers to do their job. Looking at the latest retail sales numbers for August, it is becoming clear the bounce in economic activity is losing momentum after Federal relief for the jobless and small businesses dried up last month. Retail sales grew 0.6% in August versus expectations of a 1% rise and when excluding volatile components, core retail sales fell by 0.1%. The longer the delay in providing a new round of fiscal stimulus, the more likely we will see consumer spending and confidence dragged lower, which will most likely result in a further pullback in equity markets.

Investors may want to wait for a five to ten percent correction in stocks before allocating additional capital, as the latest selloff in the first two weeks of September was not enough to encourage them. However, with 46 days remaining until the US Presidential elections, investors can expect to see more volatility along the way.

As for the Dollar, we forecast some strengthening here after four consecutive months of declines, as traders reassess their positioning. Speculative shorts in the world’s reserve currency have already reached multi-year highs and with many market participants not getting the overly dovish policy expected from the Fed, a short squeeze should provide the Greenback some support over the next couple of weeks.

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Financial News Stock Market News

17 Sep

The Analytical Overview of the Main Currency Pairs on 2020.09.17

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.18468
Open: 1.18141
% chg. over the last day: -0.26
Day’s range: 1.17776 – 1.17734
52 wk range: 1.0637 – 1.2012

The bearish sentiment is being observed on the EUR/USD currency pair after the Fed meeting. Yesterday, the Fed meeting took place, during which the regulator left the key interest rate unchanged at 0.00-0.25% per annum, as experts expected. Fed officials expect the base interest rate to remain at this level until 2023. EUR/USD quotes fell by more than 100 points during yesterday’s trading session. At the moment, the key support is the level of 1.11755, the key resistance level is 1.1800. We recommend opening positions from these levels.

The news feed on 2020.09.17:

– Consumer price index in the Eurozone at 12:00 (GMT+3:00);
– Initial jobless claims in the US at 15:30 (GMT+3:00);
– Philadelphia Fed manufacturing index at 15:30 (GMT+3:00);

Indicators do not give accurate signals: 50 MA has crossed 100 MA.

The MACD histogram is in the negative zone and below the signal line, which gives a strong signal to sell EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy EUR/USD.

Trading recommendations

Support levels: 1.1755, 1.1715
Resistance levels: 1.1800, 1.1835, 1.1870

If the price fixes below 1.1755, a further fall in EUR/USD quotes is expected. The movement is tending to the round level of 1.1700.

An alternative could be the growth of the EUR/USD currency pair to 1.1835-1.1800.

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.28883
Open: 1.29654
% chg. over the last day: +0.61
Day’s range: 1.28440 – 1.28635
52 wk range: 1.1409 – 1.3516

During yesterday’s trading session, GBP/USD quotes increased. EU officials said that the chances of a trade deal with the UK were diminishing by the day as the British government pushed for an internal market law that would violate all terms of the UK’s exit agreements. The Bank of England meeting, during which a decision on the key interest rate will be made, is in the spotlight. At the moment, the key support and resistance levels are 1.2930 and 1.3000, respectively. Positions should be opened from these levels. We recommend following up-to-date news from the UK.

The news feed on the UK economy for 2020.09.17:

– The Bank of England interest rate decision at 14:00 (GMT+3:00).

Indicators point to the power of buyers: the price is being traded above 50 MA and 100 MA.

The MACD histogram is near the 0 mark. There are no accurate signals.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations

Support levels: 1.2930, 1.2870, 1.2800
Resistance levels: 1.3000, 1.3070, 1.3150

If the price fixes above the round level of 1.3000, further growth in GBP/USD quotes is expected. The movement is tending to 1.3070-1.3100.

If the price fixes below the key support level of 1.2930, GBP/USD quotes are expected to decline to 1.2870-1.2850.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.31851
Open: 1.31750
% chg. over the last day: -0.04
Day’s range: 1.32129 – 1.32367
52 wk range: 1.2949 – 1.4669

During today’s trading session, the USD/CAD currency pair is growing. Investors assess the results of the Fed meeting. At the moment, the key support and resistance levels are 1.3190 and 1.3230, respectively. We recommend paying attention to the dynamics of the “black gold” prices. Positions should be opened from key support and resistance levels.

Today, the news feed in Canada is calm.

Indicators do not give accurate signals: 50 MA has crossed 100 MA.

The MACD histogram is in the positive zone and above the signal line, which gives a signal to buy USD/CAD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which gives a signal to sell USD/CAD.

Trading recommendations

Support levels: 1.3190, 1.3150, 1.3100
Resistance levels: 1.3230, 1.3265

If the price fixes below 1.3190, USD/CAD quotes are expected to decline. The movement is tending to 1.3150-1.3130.

An alternative could be the growth of the USD/CAD currency pair to 1.3265-1.3280.

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 105.350
Open: 104.887
% chg. over the last day: -0.46
Day’s range: 104.759 – 104.807
52 wk range: 101.19 – 112.41

During yesterday’s and today’s trading sessions, the USD/JPY currency pair has been declining. The drop in quotes has exceeded 60 points. At the moment, local support and resistance levels are 105.00 and 104.70, respectively. Investors assess the Bank of Japan meeting. A further decline in the trading instrument is possible. Positions should be opened from key support and resistance levels.

Today, the Bank of Japan has decided on the key interest rate, the indicator of which remained unchanged at the level of -0.10%.

Indicators point to the power of sellers: the price is being traded below 50 MA and 100 MA.

The MACD histogram is in the negative zone, below the signal line, which also gives a strong signal to sell USD/JPY.

Stochastic Oscillator is near the oversold zone, the %K line is crossing the %D line. There are no signals at the moment.

Trading recommendations

Support levels: 104.70, 104.45
Resistance levels: 105.00, 105.35, 105.75

If the price fixes below 104.70, a further decline in USD/JPY quotes is expected. The movement is tending to 104.45-104.30.

An alternative could be the correction of the USD/JPY currency pair to 105.35-105.50.

by JustForex

Financial News Forex and Currency News

Risk Disclosure: Foreign Currency trading and trading on margin carries a high level of risk and can result in loss of part or all of your investment. Due to the level of risk and market volatility, Foreign Currency trading may not be suitable for all investors and you should not invest money you cannot afford to lose. Before deciding to invest in the foreign currency exchange market you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading, and seek advice from an independent financial advisor should you have any doubts.

All information and opinions on this website are for general informational purposes only and do not constitute investment advice.