USD/JPY – H1
The past week was the fourth straight profitable one and the best since October, leading the pair on fresh December highs. Today, it starts the first trading day of the year on the offensive, eyeing November's multi-year highs (115.52). Conquering this, will allow it to look towards 115.84-96.
Despite the dynamic start to the day, sentiment improves during the European session and the US Dollar faces some headwinds ahead of 115.52. As such, pressure that will test the EMA100 (115.00) is likely, although moves below it and towards mid-114s may require some catalyst.
The economic calendar is light today, with US Manufacturing PMIs standing out, while caution around holiday trading conditions is still needed, as London is closed.
Past Performance: Past Performance is not an indicator of future results.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.