OctaFX | OctaFX Forex Broker
Open trading account
Back

USDJPY: Ready for a breakout – TDS

FXStreet (Delhi) – Research Team at TDS, suggest that as USDJPY continues to coil within an increasingly tight trading range around 120, the data setup over the next 24 hours provides a strong potential catalyst for a break.

Key Quotes

“With US yields trending lower and the recent trend in US data taking on a moderately downbeat tone, we think markets may be more sensitive to a negative surprise at tomorrow’s US employment report. This is a close call, but we think the combination of an increasingly mixed tone to the USD’s underlying fundamentals as well as a growing sense that the BoJ may not deliver more stimulus this month suggests risks may be skewed to the downside in USDJPY.”

“In either case, we think spot is now ready for a significant directional move. In the current environment, we think market technicals have taken on an added dimension of importance for gauging near-term direction as the fundamental environment has turned more ambiguous over the last couple of weeks.”

“On the downside, we are watching the 119.05 level carefully as a clear break below could be the catalyst for renewed declines in spot. Looking higher, the key threshold in our view comes at 121.33. A solid move above this mark suggests the highs above 125 could be tested in coming weeks.”

Brazil HSBC PMI Manufacturing increased to 47 in September from previous 45.8

Brazil HSBC PMI Manufacturing increased to 47 in September from previous 45.8
Read more Previous

Gold recovers losses, snaps four-day losing streak

Gold prices recovered losses and is working hard to turn positive in the early US session after the US jobless claims rose more than expected.
Read more Next
Start livechat