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.
Risk Off Mood Gains Momentum
Information is not investment advice
Midday Market View
European stock markets traded lower Friday, with travel stocks weighing after Britain added more countries to its quarantine list while Chinese data suggested a slow economic recovery.
Midday Key Point
- Austria reports 282 new coronavirus cases, highest daily count since April.
- Eurozone Q2 GDP second reading comes at -12.1% vs -12.1% q/q prelim.
- Major currencies little changed even as stocks stay pressured on the session.
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.
The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
The New Zealand dollar is rising for the sixth straight day, outperforming its major peers. What is the reason? Let’s find out!
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
Oil keeps rallying for the fourth day in a row after Goldman Sachs claimed that the oil market is in deficit and also because of the recent storm in the Gulf of Mexico, which led to the sharp decline of oil production. It is the best week for oil since June!