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- GBPJPY rebounds from its lowest level since JulyGets capped by the 50-day SMA and Ichimoku cloudMomentum indicators suggest a cautiously bullish toneGBPJPY had been stuck in a…
- The situation mirrored periodic strength in the US dollar, which in turn triggered corrective movements.
- Yesterday’s GDP, GDP price index, and ADP non-farm employment data came in lower than expected and the US dollar tumbled in response.
- If an upward breakout occurs, the next logical target for the bulls would be the round-number resistance levels situated around 109 and 110 yen per Canadian dollar.
- For USD/PLN, this trend led us close to the supply zone near PLN 4.15 and also resulted in the formation of a head-and-shoulders pattern.
- Although its downward momentum has slowed, the inflation rate remains consistently above 6% year-on-year.
GBPJPY rebounds from its lowest level since JulyGets capped by the 50-day SMA and Ichimoku cloudMomentum indicators suggest a cautiously bullish toneGBPJPY had been stuck in a… On the other hand, a breach of the lower boundary of the developing ascending triangle ifc markets review would be bearish, potentially leading to an extended consolidation ranging between 108 and 106 yen. In terms of defensive strategies, possible stop-loss placements could be considered above 4.15 or after a clear invalidation of the recent downward move.
Canadian Dollar / Japanese Yen
If an upward breakout occurs, the next logical target for the bulls would be the round-number resistance levels situated around 109 and 110 yen per Canadian dollar. Sellers are likely targeting the 4.03 area, situated near the local support level, as their initial goal. The primary level that may draw sellers’ attention is the July low, which has already dipped questrade forex below the psychological PLN 4 per dollar mark. Yesterday’s GDP, GDP price index, and ADP non-farm employment data came in lower than expected and the US dollar tumbled in response. As we break through the upper boundary of the descending price channel, we’re setting the stage for an attempt to breach the supply zone positioned around the price level of 1.12.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion. When a trader is unsure about trading the US Dollar, the CADJPY is often determined to be a suitable replacement. However, the historically higher yield of the Canadian dollar in the past has made the CADJPY more sensitive to market wide sentiment changes than the USDJPY. Also, Canada’s large amount of energy exports, most notable oil, causes it to be affected by crude oil prices. Although its downward momentum has slowed, the inflation rate remains consistently above 6% year-on-year. If similar data emerges for the entire eurozone, it could send a strong signal on the EUR/USD currency pair.
Nifty closes lower in volatile trade
The situation mirrored periodic strength in the US dollar, which in turn triggered corrective movements. For USD/PLN, this trend led us close to the supply zone near PLN 4.15 and review simple money also resulted in the formation of a head-and-shoulders pattern. The strong bullish response, influenced in part by a weakening US dollar, has signaled a bullish sentiment.