Forex: USD/JPY staying in yesterday’s range; US economic data awaited

on Nov 26, 2013
Updated: Oct 21, 2019
Listen

_iNVEZZ.com: Tuesday, November 26th:_ The USD/JPY yesterday continued its rally from the 13 June low of 93.77, reaching its highest point since 29 May at 101.90. The pair opened at 101.25 and closed at 101.37 to post a 0.12 percent intraday gain. The price action formed a shooting star candlestick pattern, which is a strongly bearish sign and portends of a retrace.

Late yesterday, the Bank of Japan released its Monetary Policy Meeting minutes from 31 October. The record revealed that in the BoJ’s view the Japanese economy was recovering moderately and both private consumption and external demand were expected to rise, with encouraging signs of improvement seen in some major developed economies, particularly the United States and in Europe. The minutes also recorded the belief of policy-makers that the two percent inflation target for price stability could be reached “toward the latter half of the projection period”.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Practise Trading Options Risk Free – Demo Account.
The BoJ also released its Corporate Services Price Index for the October year, which showed a 0.8 percent increase, the sixth consecutive rise and the highest rate of increase in the measure since August 2008.
Thus far today, the pair has been trading within the range 101.32 to 101.60 and currently is at 101.46, with continuing confinement within yesterday’s trading range.

More volatility is expected later today around the times of a number of US economic data releases.
The US Census Bureau is scheduled to release data delayed to this point due to the federal government shutdown in October. September Building Permits are expected to show a reading of 0.94 million, with September Housing Starts forecast to be 0.91 million.

October Building Permits are expected to match the September number while October Housing Starts should be up slightly at 0.92 million. All four reports are due out at 13.30 UTC with the October numbers likely to be more influential as being more recent.
And the influential S&P Case-Shiller Composite-20 House Price Index for September will be released at 14.00 UTC, with expectations for a 13.0 percent jump on the prior period.

The Conference Board’s US Consumer Confidence Index for current month is due to follow at 15.00 UTC and is expected to rise to 72.2 points from the prior 71.2, a reading affected by the government shutdown during October.
Today’s resistances: 101.60, 101.80 and 102.00.
Today’s supports: 101.45, 101.25 and 101.00.
Create your Demo Account and practice Trading Options Risk free
Fill out my Wufoo form!

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
JPY Forex