Forex Analysis by Fawad Razaqzada covering: USD/JPY, EUR/JPY, GBP/JPY, XAU/USD. Read Fawad Razaqzada's latest article on Investing.com
With the unfortunate events over the weekend triggering a “risk off” response in the markets, and key US data to come later in the week, both thewill be in focus this week. Additionally, there is the potential for further Japanese intervention given that the USD/JPY trades not too far from the 150.00 level, where it met some notable resistance, apparently by Japanese authorities, last week.
So, the market’s attention will remain on the Israel-Hamas conflict until at least later in the week, when we have some key US data scheduled for release. As a result, the USD/JPY could remain under a bit of pressure for a change following its recent sharp gains.Apart from a couple of Fed speakers, there are no major data releases scheduled for Monday, meaning the focus will remain on the Israel-Palestine conflict and its implications for risk assets, and by extension the USD/JPY.
The USD/JPY bears would be eying a weaker CPI or consumer sentiment to help turn the tide, while if the numbers are strong then this could provide USD/JPY renewed bullish momentum, although any move back above 150.00 could be met with more intervention from Japan.From a technical point of view, the USD/JPY formed a doji candlestick pattern on its weekly chart last week to potentially signal rates may have peaked. Interestingly, this pattern was created around 150.
But before we get too bearish based on just one technical pattern, more evidence is needed to confirm the top is in. For example, a break below last week’s low at 147.29 is the minimum requirement on the weekly time frame. But if you trade based on the daily and lower time frames, like most people, then it is best to zoom into price action more closely and find confirmation there.German Industrial Production declines for the fourth straight month The euro has started the week with losses.
Dollar stabilizes ahead of FOMC minutes and US inflation report Inflation expected to cool further - is the Fed done raising rates? Minutes due at 18:00 GMT Wednesday, inflation...We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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