Macroeconomic overview
Grumbles from Donald Trump about the strength of the dollar pushed the currency down for the seventh day in the past ten on Tuesday. The shift has been most pronounced against the yen.
In an interview with the Wall Street Journal he said: "I would talk to China first," but "our companies can't compete with them now because our currency is strong and it's killing us.”
Anthony Scaramucci, a senior adviser to U.S. President-elect Donald Trump, said: “We need to be careful about the rising currency.”
Technical analysis
The USD/JPY dropped to lower 14-day ema Bollinger band and is close to an important support level at 112.43 (50% fibo of 2015-2016 fall). A strong resistance area is between today’s high at 114.28 and 23.6% fibo of November-December rise at 114.52.
Trading strategy
(GrowthAces.com)
Grumbles from Donald Trump about the strength of the dollar pushed the currency down for the seventh day in the past ten on Tuesday. The shift has been most pronounced against the yen.
In an interview with the Wall Street Journal he said: "I would talk to China first," but "our companies can't compete with them now because our currency is strong and it's killing us.”
Anthony Scaramucci, a senior adviser to U.S. President-elect Donald Trump, said: “We need to be careful about the rising currency.”
Technical analysis
The USD/JPY dropped to lower 14-day ema Bollinger band and is close to an important support level at 112.43 (50% fibo of 2015-2016 fall). A strong resistance area is between today’s high at 114.28 and 23.6% fibo of November-December rise at 114.52.
Trading strategy
(GrowthAces.com)