Fundamental Analysis of USD/JPY for September 18, 2017 888011000 110888 USD/JPY has been impulsively bullish recently after breaking above the resistance of 108.50. The price has been very impulsive and non-volatile with the bullish relocation, which has actually engulfed weeks of bearish price action offering an idea of further bullish pressure in the market. Today is a bank vacation in Japan (Respect for the Aged day), which contributed to the weak point of JPY against USD. Today, Japan’s Trade Balance report is to be released; it is anticipated to reveal a boost to 0.41 T from the previous figure of 0.34 T. On the other hand, today the US published its NAHB Real estate Market Index report that revealed a reduction to 64 from 67 (no changes expected). Still, regardless of an even worse report, USD was quite unsurpassable and sustained the dominanted JPY, which signals that the USD is on the way to make an excellent climb quickly. Today is going to be very volatile for USD-based pairs as FOMC Statement and Federal Funds rate report are going to be published, though no remarkable change is expected in the reports, however there is always a possibility of having excellent volatility with spikes in the market. This weekly close will help to determine the upcoming relocation in this pair for the coming days.Now let uslook at the technical view. The rate has recently broken above the resistance area of 110.20-60, which has turned into the support location for the upcoming proceed the advantage. Presently, the rate is anticipated to reveal great bullish momentum to 112.30 and later on towards 114.40. Ahead of the upcoming high-impact financial occasions, it is anticipated that the rate may backtrack to the support area to retest and then bounce back bullishly towards the resistance levels. As the rate remains above the assistance location of 110.20-60 the bullish predisposition is expected to continue even more. The product has been supplied by InstaForex Business -www.instaforex.com

By | September 18, 2017

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