We have outlooked several promising Forex pairs and the result can surprise you!
USD/JPY: two days changed a lot
Information is not investment advice
Earlier this week, we used to be impressed by the steady bullish progress of USD/JPY. However, the trade we were thinking of, wasn’t triggered: the USD got hit by bad data and sharply declined. America will release more economic figures on Thursday and Friday, and USD/JPY should be one of the most active movers on the news. Let’s reconsider the technical levels for trading this pair.
Formation of the second high just below 108.50 brings back the downtrend within which USD/JPY has been trading since April. A break below the 50-day MA at 107.00 will confirm a “double top” and lead the price down to 106.30/00 and potentially even lower. Many short-term term indicators have switched to the bearish mode. USD/JPY needs to rise above 107.85 (100-day MA, 100-period MA on H4) to gain an ability to reach 108.50 once again.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.