The USD/JPY pair edges higher after failing to confirm further drop. The Dollar Index remains bullish despite a minor decline right after the US inflation data.
Today, the DXY erased its minor losses and now it seems determined to jump higher lifting the greenback. On the other hand, the Japanese Yen is bearish as the Japanese Yen Futures turned to the downside after a temporary rebound.
Today, the Japanese economic figures came in mixed. The Core Machinery Orders registered a 3.8% growth in October versus 1.9% expected and versus a 0.0% growth in the previous reporting period.
In addition, the Tankan Manufacturing Index reported worse than expected data, while Tankan Non-Manufacturing Index came in better than expected.
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FOMC Meeting In Focus
As you already know, the main event of the week is represented by the FOMC. The Federal Reserve will publish its Federal Funds Rate on Wednesday. The FOMC Press Conference, FOMC Statement, and the FOMC Economic Projections could shake the markets and could bring sharp movements. Also, tomorrow, the PPI and Core PPI could bring more action on the USD/JPY.
From the technical point of view, the USD/JPY pair tested and retested the descending pitchfork’s median line (ML) and now it seems determined to approach and reach the upper median line (UML). Its failure to stabilize below 113.32 signaled strong buyers.
Free Forex Signals – BUY USD/JPY At 113.83
(Click on image to enlarge)
Free Forex Signals Entry Price And Takes Profit
- Instrument: USD/JPY
- Order Type: BUY STOP
- Entry price: 113.83
- Stop Loss: 113.15
- TP1: 115.45
- My Risk: 1%
- Risk / Reward Ratio: 1:2.4
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