What are the forecasts for silver, platinum and palladium?
USD/JPY is approaching key resistance
Information is not investment advice
If the pair crosses this level, it will surge further, otherwise – reverse. Check it out.
- The Japanese data came worse than analysts expected. Unemployment rate turned out 2.9%, while the forecast was 2.8%. Also, the industrial production contracted by 8.4%, while only the 5.6% slump was anticipated. Negative data weighed on the JPY.
- The US home sales bet all estimates. They rose by 44.3% against the forecasted 18.9% increase. That marked the largest surge in the history of home sales since the record began in 2001. The encouraging data pushed USD/JPY upward.
- The Fed’s chairman Jerome Powell will testify this evening at 19:30 MT time. His statement will add the fresh market volatility. If Powell gives optimistic prospects for the US economy and increases asset purchases, USD/JPY may rise, otherwise – fall.
USD/JPY is moving up for the fifth day. It will meet soon the strong resistance at 107.850, which it has touched several times already. There are two scenarios. The first and the most possible one is that the pair will break through the resistance at 107.850 and surge further to 108.400, where is the 200-day moving average lies. According to the second scenario, USD/JPY will reverse from the resistance at 107.850 and fall firstly to the support at 107.400 and then to the 50% Fibonacci level at 106.80. Follow the next movement of the pair, define the break out or the pullback and trade accordingly.
USD/CAD continues dipping. Follow US jobless claims and the speech of Fed’s Powell!
How may the USD be impacted by the impeachment process? Read and prepare.
Jump in to get the technical analysis of GBP/JPY and GBP/USD!
How to trade the gold price while it's oscillating between 1 837 and 1 864? Read the article, and you'll know how!
US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19