The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Global PMIs will be released today
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
European Market View
Global PMIs will be released today. It is expected to show a continued gradual uptrend in August. In addition, we get the Euro area consumer confidence. The August figure will indicate if that was just a blip or whether European consumers are turning more cautious in their spending patterns.
European Key Point
- Global PMIs will be released today.
- Euro area consumer confidence.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
USD/JPY is moving sideways between the pivot point at 105.708 and the resistance level at 106.26
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