Jan. 12, 2021
After starting the day at 104.21, USD/JPY rallied to 104.33, hitting its highest point in 5 weeks, It later lost 57 pips and is now trading at 103.76
This downslide might be related to financial indicators data published earlier as Data for United States JOLTs Job Openings (Nov) was released today at 3:00 PM suggests a downwards trend of 6.53 million, while previous data was 6.63 million.
Meanwhile, Japan Current Account released yesterday at 11:50 PM is better than expected at 1.88 trillion but down from preceding data of 2.15 trillion according to new data. Japan Adjusted Current Account was released yesterday at 11:50 PM with a figure of 2.34 trillion, This is better than the previous number of 1.98 trillion.
The Dollar/Yen is getting closer and is now only 104 pips from the support line at 102.71. Dipping below it might indicate further losses are ahead. The CCI indicator is above 100, indicating a possible start of a new uptrend. The upper Bollinger band was at 104.13, indicating a further downward move might be next. Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions, it seems the Yen might reverse course and start pointing upward in the short term.
The market will be looking forward to the upcoming release of the following indicators: United States Crude Oil Inventories are projected to outperform the last figure at -2.72 million while it previously stood at -8.01 million, data will be released tomorrow at 3:30 PM. United States Core Consumer Prices are projected to come out at 0.1 – worse than previous data of 0.2, Data will be released tomorrow at 1:30 PM. The United States Consumer Price Index is projected to outperform the last figure with 0.4, while it previously stood at 0.2, data will be released tomorrow at 1:30 PM. The United States Federal Budget Balance (Dec) expected to decline to -200.00 billion, while its preceding data was -145.00 billion, Data will be available tomorrow at 7:00 PM.
Dollar/Yen social media highlights: