Morning Insights 27th October

Simon Alagbe

Analyst


Instrument: USDJPY

The pair gained positive traction in the session yesterday, continuing the rebound after shedding some gains in the latter part of last week. The release of impressive economic data fueled the fresh buying of the Greenback amidst dominant risk on mood support for the dollar. I expect this gain to be limited in the session today as the 10 year US bond dropped due to the uncertainty in the timing of tightening of the monetary policy by the Fed. Investors continue to wait on the all-important key monetary policy meeting by the Bank of Japan scheduled for Thursday.


Technicals:

The pair broke below the 21 EMA earlier this morning as we wait for a retest on the EMA for confirmation of a move to the south with stop loss above the EMA around 114.125 and take profit at 113.600.


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