Given that Japan is stagflant economy, YEN is safe haven currency so its driven mainly by risk on/risk off sentiments on global markets
In case that we’ll see any further escalation of North Korean tensions, we can expect instant downmove – any more serious comments from North Korean officials could trigger that (Markets are already quite used to NK hostile rhetorics towards US/Japan and South Korea), however I dont expect any further military escalation since none of involved country leaders want to be remembered as ones who "stared war" or did not prevent it.
Recently we’ve found resistance at monthly pivotal R2 and broke through so depending on fundamental circumstances we’ll continue up given Yellen hawkishnes on US side + we have more US tax reform detail coming up later today at 21:00 CET and I expect all of that pricing in throughout this day.
Also note that we have 2 FED speakers today who I believe will reiterate neutral/hawkish stance
Currently I expect next significant resistance at R3 near our -27% retracement and TP
As always stay tuned to bloomberg, twitter or what have you, since things might change very quickly - as always be safe and protect your capital.
Regardless of which side you trade on, have fun!
In case that we’ll see any further escalation of North Korean tensions, we can expect instant downmove – any more serious comments from North Korean officials could trigger that (Markets are already quite used to NK hostile rhetorics towards US/Japan and South Korea), however I dont expect any further military escalation since none of involved country leaders want to be remembered as ones who "stared war" or did not prevent it.
Recently we’ve found resistance at monthly pivotal R2 and broke through so depending on fundamental circumstances we’ll continue up given Yellen hawkishnes on US side + we have more US tax reform detail coming up later today at 21:00 CET and I expect all of that pricing in throughout this day.
Also note that we have 2 FED speakers today who I believe will reiterate neutral/hawkish stance
Currently I expect next significant resistance at R3 near our -27% retracement and TP
As always stay tuned to bloomberg, twitter or what have you, since things might change very quickly - as always be safe and protect your capital.
Regardless of which side you trade on, have fun!
Comment:
Also note that we've found significant resistance twice so far since May in proximity of 114.100