Morning Insights 12th October

Simon Alagbe

Analyst


Instrument: USDJPY

The greenback has benefitted from the rising U. S bond yields and high demand from commodity buyers. The prices of crude oil, metals and agricultural commodities have performed strongly, increasing the demand for dollars because most of these commodities are quoted in dollars and the surge in prices has raised the amount of dollars needed to purchase the commodities. 


Technicals: 

The pair is retracing to retest the 113.000 price level before surging back to the upside. A buy trade will be in order after the instrument breaks the structural high around 113.475 and retests the zone with a target at 115.126 and a stop loss at 112.962.


Fundamentals 

JOLTS Job Openings (USD) 3:00 PM

FOMC Member Clarida Speaks (USD)  4:15 PM 

10-y Bond Auction (USD)  6:01 PM

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