|Day's Range||108.64 - 108.78|
|52 Week Range||104.8710 - 113.7020|
The British pound rallied again during the trading session on Thursday, reaching above the ¥143 level. At this point, the market has clearly broken out and it looks like we will continue to go much higher.
The USD/JPY is building a pullback after strong bearish momentum broke below the short and long-term moving averages, which seems to be a bearish wave C (purple).
After weaker than expected ISM manufacturing PMI data in the US, investors will shift their focus on Non-Farm payroll report on Friday.
Based on Wednesday’s minor reversal bottom at 108.430, the direction of the USD/JPY on Thursday will be determined by trader reaction to yesterday’s high at 108.963.
Investing.com – Asian currencies made something of a comeback on Thursday morning in Asia as optimism about a possible trade deal between China and the US returned. The USD was lost a little ground and the Australian dollar stopped a multi-day slide even as the Yuan continued to slide.
The US dollar fell initially during the trading session on Wednesday but found enough support at the moving averages to turnaround and form a bit of a bounce.
The USD/JPY is now trading mixed shortly after the release of a private payrolls report that came in lower than expected, and before the release of the ISM Non-Manufacturing PMI report at 15:00 GMT.
Investing.com - The U.S. dollar dipped slightly from earlier highs, as investors digested recent trade developments and private payrolls growth tumbled.
Based on the early price action, the direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the 50% level at 108.434.
It’s a busy day ahead. Geopolitics, the BoC and service sector activity will keep the markets busy on the day ahead…
Investing.com – The dollar held steady in morning trade in Asia Wednesday morning after US President Donald Trump raised doubts that a trade deal with China will be signed before the end of next year.
The US dollar has initially tried to rally during the trading session on Tuesday, but then fell after Donald Trump suggested that waiting until after the election decided China deal was a realistic option.
The British pound has run into resistance yet again against the Japanese yen as we continue to bounce around and struggle to finally break out in a world full of negative headlines.
The RBA gives the Aussie Dollar a boost as it holds back from any rate cut talk. Chatter on trade and UK politics will garner the market attention today.
Investing.com – The dollar climbed, and Asian currencies moved sideways on Tuesday morning in Asia after US President Donald Trump announced plans to reinstate steel and aluminum tariffs on Brazil and Argentina.
The US dollar has continued to grind against the Japanese yen during the trading session on Monday, as we are getting tantalizingly close to a major breakout.
The British pound has rallied a bit during the trading session on Monday to kick off the week, as we are approaching the ¥142 level. This is an area that should continue to be interesting, but if we break above it, this market is ready to take off.
At the beginning of December, we could have few hot topics for forex traders. Trade Wars, all time highs on stocks or Brexit. Quite surprisingly, our attention shifts towards yen, which is quietly weakening across the globe.
There’s uncertainty over the trade deal at the start of the new week, but this is being offset by China’s solid manufacturing reports. Furthermore, if financial market traders saw a major problem developing, they’d be buying the Japanese Yen.
Economic data out of China provides early support, as the markets look ahead Eurozone and U.S data later in the day. Geopolitics will also be in focus…