- USD/JPY heading towards key level
- Japan’s Consumer Confidence
- U.S. Interest Rates
Price Movement
Since yesterday, USD/JPY has been moving within a 40pips range.
Trend
USD/JPY is trending upwards.
Macro Background
The Consumer Confidence measures the level of a composite index based on surveyed households (excluding single-person homes).
The Japanese Consumer Confidence data is expected to be lower than previous month. If the data released is worse than expected, we may be seeing a slight weakening in the Japanese Yen.
With the recent U.S. government shutdown, the U.S. Federal Funds Rate is expected to maintain at 2.50%. If it is released at a different figure, expect high volatility and price movements. Nonetheless, many will be looking out for hints in the FOMC statement on when the next rate hike may be and how many hikes will be made this year.
Important Issue
None.
Technical
Currently, USD/JPY is moving towards the 109 level.
Price Levels
Current Price: 109.243
Next Resistance: 109.744
Next Support: 108.734