USD/JPY: in familiar ranges, lacks direction – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that The USD/JPY pair advanced up to 119.95 this Tuesday, having started its advance with European stocks’ positive opening, and accelerating after US strong housing data.

Key Quotes:

“Additionally, investors may be already pricing in the possibility of further stimulus in Japan next week, although a move from the BOJ is still unclear. During the upcoming Asian session, Japan will release its Trade Balance figures for September, expected to have posted a surplus of ¥84.4B against a previous deficit of ¥569.7B. Imports however, are expected to have decreased by 11.7% which may spur some fears over a steady global economic slowdown, and result in a stronger Yen on safe-haven demand. Technically, the 1 hour chart shows that the technical indicators are losing their upward strength, but holding well above their mid-lines, whilst the price is above its 100 and 200 SMAs.”

“In the 4 hours chart, the price is now trapped between its 100 and 200 SMAs that anyway remain pretty flat, whilst the technical indicators also turned south, but remain well above their mid-lines, far from suggesting a continued decline.”
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Source:: FX Street