08.10.2019
The pair is supported amid the falling demand for defensive assets as the Fed is expected to continue reducing interest rates and bankrolling the dollar, which would stimulate the growth of demand for risk assets. In this scenario, the Japanese yen will sell off as a safe haven currency.
The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is above the level of 50% and turns down. Stoch are in overbought zone.
Trading recommendations:
The pair may correct up to 107.05 amid local overoldness and in anticipation of today’s Jerome Powell speech. If he confirms the QE4 expectations, the pair will reverse upwards and surge to 108.45.
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