Fri 11th November 2022
Today, Our Daily Currency Strength Weakness Video will focus on:
- USDJPY
- AUDCAD
Charts Provided by Charles Clifton
Daily Analysis By Jon Kibbler
USDJPY Rejects 1998 Highs
In today’s currency strength video we identified that JPY is S2 on the Trend Traders Table and the USD is W1 on the Trend Traders Table.
Yesterday the US CPI figures came in softer than expected which has led to the USD weakening. Investors now believe the Federal Reserve will hike by 50bps in the December meeting bringing an end to aggressive rate hikes.
The JPY has strengthened despite the Bank of Japan talking of easing rates further.
USDJPY has rejected the 1998 highs at 147.00 and price continues to trade lower offering short opportunities.
Technical Observations
- The JPY is S2 on the trend tables and the USD is W1 on the both currency strength tables.
- Poor CPI data saw the price of USDJPY trade back below the 147.00 highs.
- The trendline support was breached showing sellers are dominant.
- Currently the price is trading at 139.00 weekly and daily highs. We could see some profit taking here.
- Trend traders will be looking for a lower high to come in around 142.00.
- Sellers will be looking to target support at 135.00 and the 200MA.
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