Watch out today’s Forex economic calendar and technical analysis on USD/JPY pair as a USD JPY Testing pivot.
USD JPY Testing pivot – Kiana Danial of Invest Diva
First off today we had the RBA Meeting’s Minutes at 1:30 AM GMT.
The UK released their Producer Price Index as well as their Consumer Price Index during the London session at 8:30 AM.
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At 9 AM we had Germany’s ZEW Economic Sentiment Survey which could create volatility in the EUR crosses.
During the New York session the US will release their Building Permits at 12:30 PM GMT.
Later during the next day’s Sydney session, the GDT Price Index will be released to shake up with NZD crosses.
The results of the Euro-Zone ZEW Sentiment Survey are out: The economic sentiment plunged after the Brexit vote at negative -14.7 vs +20.2 prior
The German ZEW Survey of Economic Sentiment index fell to -6.8 from the prior 19.2 print, which was below the expectations for a +9.0 figure. This was the weakest reading since November 2012.
On the news the EUR/USD headed back below the pivot of 1.11 but still remains inside a symmetrical triangle chart pattern. Waiting for a breakout which could happen during Thursday’s ECB rate decision and press conference.
USD JPY Testing pivot – Technical Analysis
USD JPY Testing pivot – Technical Analysis Daily Chart
The USD/JPY pair made its way back to 106 pivot level on Monday while Japan was on Marine Day holiday. A break above this level could be difficult given the fact that the pair remains below the Ichimoku cloud. However a success could open doors to further upmoves towards resistance at 110.
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