The Fundamentals:
My views on USDJPY now are based on what is happening with oil and with US economic data:
Coming up at 8:30am on February 12, 2016 is retail sales:
gyazo.com/572cd83b94...91d1b9d88bf43b3c74f7
I am not so confident in my expectation of how the data will turn out because other data, such as The Johnson Redbook Index that measures the growth in the U.S. retail sales did not move higher than last month, but only 0.6; it has been falling for the last 4 months. However, Chain Store Sales in the United States increased and the monthly reported average hourly earnings rose.
links:
www.tradingeconomics...states/redbook-index
www.tradingeconomics...es/chain-store-sales
www.icsc.org/press/v...-retail-feb.-12-2016
www.tradingeconomics...rage-hourly-earnings
Also, coming up at 10am is the US University of Michigan Consumer Sentiment Index.:
gyazo.com/4dfef8af55...cee1743c9a9ce513d763
I think it will be good news coming out since other data, like the United States IBD/TIPP Economic Optimism Index rose: www.tradingeconomics...nomic-optimism-index
The Technical Picture:
I think that oil has found some support:
I think that this can help the USDJPY pair.
I think that shorts will start covering going into Friday's US trading session on February 12, 2016 after the market meltdown.
Possible Daily Divergence built up in the USDJPY pair and Trix ribbons at an extreme, with and all bearish targets have been hit; and, if other traders are seeing what I am seeing, then, indeed, there could be some short covering right about now. The z-wave has complete.
Conclusion: The technical picture is supported by the fundamental data that I forecast going forward. So, I am more confident in trading the USDJPY pair on the long side for tomorrow.
I will check back in 8 or 9 hours to see if things are still clear to go long.
My views on USDJPY now are based on what is happening with oil and with US economic data:
Coming up at 8:30am on February 12, 2016 is retail sales:
gyazo.com/572cd83b94...91d1b9d88bf43b3c74f7
I am not so confident in my expectation of how the data will turn out because other data, such as The Johnson Redbook Index that measures the growth in the U.S. retail sales did not move higher than last month, but only 0.6; it has been falling for the last 4 months. However, Chain Store Sales in the United States increased and the monthly reported average hourly earnings rose.
links:
www.tradingeconomics...states/redbook-index
www.tradingeconomics...es/chain-store-sales
www.icsc.org/press/v...-retail-feb.-12-2016
www.tradingeconomics...rage-hourly-earnings
Also, coming up at 10am is the US University of Michigan Consumer Sentiment Index.:
gyazo.com/4dfef8af55...cee1743c9a9ce513d763
I think it will be good news coming out since other data, like the United States IBD/TIPP Economic Optimism Index rose: www.tradingeconomics...nomic-optimism-index
The Technical Picture:
I think that oil has found some support:
I think that this can help the USDJPY pair.
I think that shorts will start covering going into Friday's US trading session on February 12, 2016 after the market meltdown.
Possible Daily Divergence built up in the USDJPY pair and Trix ribbons at an extreme, with and all bearish targets have been hit; and, if other traders are seeing what I am seeing, then, indeed, there could be some short covering right about now. The z-wave has complete.
Conclusion: The technical picture is supported by the fundamental data that I forecast going forward. So, I am more confident in trading the USDJPY pair on the long side for tomorrow.
I will check back in 8 or 9 hours to see if things are still clear to go long.
Trade closed: target reached:
Success! I normally do not update everything, especially these intraday trades.
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.
