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In the Zone
- USDJPY
Market Insight Commentary – Forex
Today's News Headlines
- The EU insisted yesterday that the UK cannot benefit from any transition during Brexit, considering the latest political situation – especially Germany – I am not sure the EU hold as many cards as they think.
Market Insight Commentary – Indices
Market Recap
Market commentators will stress the point that the greenback was the strongest currency on the day, it lacked conviction and I would go as far as to say that price action was more in a sideways action than anything else. Profit taking in the metals, as well as expectation of higher interest rates this year helped support the dollar, but I still don’t think that the market is completely convinced just yet.
The USDJPY traded near the 100 hour MA on the bounce higher and immediately found some resistance there this evening, which was at 109.17 and price continued to trade below 109.00. There is a double bottom forming at 108.15 and I suspect that this will become a big level this week, sellers will have to break through here to continue the momentum. On the top side, 108.80 remains the top and I believe that this will become the trading range for the rest of the week.
The GBPUSD traded to the 200 hour MA at 1.4020, before the pair bounced in the afternoon session, the top of the bounce came at 1.4085 but once again lost some momentum up there. If the dollar bulls want to gain any traction at all, the 200 hour MA is going to have to be broken – on the top side, the psychological level of 1.4100 will have to be broken.
There does not seem to be a lot happening in the market today, and I continue to monitor this week, I suspect that the market will wait to see how Donald Trumps State of the Union goes before deciding how to trade for the rest of the week.
Important Economic Data Due Today
17:00 USD CB Consumer Confidence
Consensus: 123.2
Effect: Actual higher than expected is good for the USD
17:30 GBP BOE Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
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