Japanese Yen Surges On Local Positive Retail Sales, U.S. GDP In Sight
FxGrow | Feb 28, 2017 03:44AM ET
Japanese yen inaugurated early trading hours with a sharp tone facing strong US dollar, armored with positive local Retail Sales at 0.1% compared to 0.7% on previous sessions. USD/JPY rallied yesterday 92 pips and clocked a high 112.84 but managed to deduct -40 pips this morning as the pair plunged to 112.44 low. US index strong performance yesterday at 101.18 high was justified by positive local Durable Goods at 1.8%, while forecasts were 1.6%. Fed President and 2017 FOMC voter Kaplan crossed wires yesterday with a repetition to his previous comments that Fed rates should be increased sooner rather now and quoted:
even raising rates a few times this year would leave monetary policy stance accommodative.
Fundamentals:
1- US Prelim GDP q/q today at 1:30 PM GMT (heavy Impact)
2- US Consumer Confidence today at 3:00 PM GMT (less Impact)
Technical:
Trend: Bearish Sideways
Daily Pp: 112.48
Resistance levels: R1 112.86, R2 113.58, R3 114.29
Support levels: S1 112.04, S2 111.37, S3 110.59
Remark: Keep an eye on US Index levels with local US news today. Stalling below S1 projects further attacks towards S2 level. Closing above R1 levels will spark additional bullish waves at R2&R3 levels. Above R2 the cable to be considered bullish.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.