USD/JPY - H1
The pair started the day strong, but has since erased most of its gains and trades mixed, as it approaches to the end, of what is likely going to be a profitable week.
The outlook has not really changed from yesterday's analysis, as indecision prevails due to lack of impetus, which works in favor the US Dollar, as recent hot US inflation data continue to support it. As such it remains in trajectory towards October's multiyear highs (114.74), but deeper pull back may be needed before this level can be reached.
Thursday's downward pressures proved short-lived, but the failure to set fresh November highs (114.45), continues to provide reasons for caution. A test of its EMA100 (113.70-5) is likely, although the 113.21 area seems remote at this stage and the pair is well protected form there on.
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.