As the trade war between the United States and China de-escalates the USD is trading bullish against the Japanese Yen. The pair has been seeing gains since the beginning of September and is currently trading at approximately 108. Last week the worlds two largest economies announced that they will resume high level negotiation talks in early October.
Next week we have the release of US NY Empire State Manufacturing Index on Monday the 16th at 12:30GMT. Tuesday we’ll see US Industrial Production at 13:15 GMT.
Wednesday will be the most exciting day of the week. The day will stra5t with US building permits and housing starts at 12:30 GMT. Following that, the long awaited and anticipated FED interest rate decision will take place at 18:00GMT and shortly there after members of the BOJ will meet to discuss Japans monetary policy.
As a result:
On a Daily TF we have a double bottom pattern. There is a Golden Cross and the price has closed above the Ichimoku Cloud.
On a 4HTF the bias is bullish. We have a local trend line up. Long positions look to be more favorable at this time with resistance target areas around 108.969, following that 109.31 and then 109.731.
Next week we have the release of US NY Empire State Manufacturing Index on Monday the 16th at 12:30GMT. Tuesday we’ll see US Industrial Production at 13:15 GMT.
Wednesday will be the most exciting day of the week. The day will stra5t with US building permits and housing starts at 12:30 GMT. Following that, the long awaited and anticipated FED interest rate decision will take place at 18:00GMT and shortly there after members of the BOJ will meet to discuss Japans monetary policy.
As a result:
On a Daily TF we have a double bottom pattern. There is a Golden Cross and the price has closed above the Ichimoku Cloud.
On a 4HTF the bias is bullish. We have a local trend line up. Long positions look to be more favorable at this time with resistance target areas around 108.969, following that 109.31 and then 109.731.