Nickonomics

USD/JPY: A technical setup ahead of crucial US inflation data

FX:USDJPY   U.S. Dollar/Japanese Yen
US CPI             data is headline news for today. The market has slowed down recently with traders unwilling to make bets before the numbers are released. According to latest forecasts, the core inflation rate is expected to print at 1.8% y/y, unchanged from the prior month. However, US economic news-flow has increasingly tended to outperformed relative to consensus forecasts since mid-May, leaving the door open for an upside surprise.

In our view, a developing Triangle pattern in USD/JPY             offers favourable trading opportunities. If wave ((d)) top is taken to the upside, we expect the price to continue higher to 124.90-125.00 area. If we see a break to the downside below 124.19, alternative count would be given preference, and the price is likely to slide to 123.41 and possibly 123.13.
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out