Morning Insights 17th November

Simon Alagbe

Analyst


Instrument: USDJPY

The release of better than expected economic data boosted the greenback in yesterday's session. Core Retail Sales and Retail Sales Data released by Census Bureau showed a positive change in the total value of sales at the retail level, pointing to an increase in spending by consumers. The strength was further cemented by positive industrial production data showing massive growth in the inflation-adjusted value of output produced by manufacturers, mines, and utilities. 


Technicals:

The pair successfully closed around a key resistance level on the daily chart in yesterday's session, which might limit the bullish move on the instrument. I envisage a sell trade from around the resistance zone with a take profit at 114.125 and stop-loss above the resistance zone at 115.091 


Fundamentals:

FOMC Member Williams Speaks (US) 3:10 PM

FOMC Member Evans Speaks (US)  10:05 PM

Use your preferred trading platform

Register Now


l
Payment Options

What Clients Say?