After brewing along the consolidation pattern within the 82.78 resistance level and the 82.02 support level yesterday, the USDJPY this time is finally anticipated to brew along the bullish trend channel. Going in today's session, at M30 time frame the price along with the simple MA (50) is still moving in a slow manner of consolidation at 82.23 levels. Meanwhile, at the H4 time frame, the MACD (10, 26, 9) is still stimulating a buying opportunity for the upcoming light trading, since the the Moving Average Convergence/Divergence rises above its signal line. However, anticipation for a continuous short term consolidation in the following hours is still visible with the RSI (14), which is in a neutral position. For the moment, a hold/ buy position is applicable for the current movement of the USDJPY pair, anticipation for a bullish opportunity with the pair's continuing uptrend pattern for the upcoming trading session is still foreseeable.
American Session Outlook
Yesterday, the greenback fell broadly after the equities on Wall Street suffered broadly. This in turn increased the demand for the gold as it gained $4 to $1,408.30 per troy ounce in the New York trading. Crude oil prices on the New York Mercantile Exchange was held steady at $87.71 per barrel, down by 20 cents from its opening price. U.S. and Canada were on a bank holiday as they observed the Veterans day and Remembrance day respectively.
Today, the Prelim UoM Consumer Sentiment for the current month is expected to go up to 69.1 from 67.7 in the previous release. It shows that consumer spending has probably improved following the announcement of the QE2 program by the Fed. If the index will indeed show an improvement, we can expect that dollar to gain against the majors once again. FOMC Member Sarah Raskin is due to deliver a speech at the National Consumer Law Center Consumer Rights Litigation Conference in Boston. She is also expected to talk about her views on the QE2 policy made by the Fed in order to boost economic recovery.
American Session Outlook
Yesterday, the greenback fell broadly after the equities on Wall Street suffered broadly. This in turn increased the demand for the gold as it gained $4 to $1,408.30 per troy ounce in the New York trading. Crude oil prices on the New York Mercantile Exchange was held steady at $87.71 per barrel, down by 20 cents from its opening price. U.S. and Canada were on a bank holiday as they observed the Veterans day and Remembrance day respectively.
Today, the Prelim UoM Consumer Sentiment for the current month is expected to go up to 69.1 from 67.7 in the previous release. It shows that consumer spending has probably improved following the announcement of the QE2 program by the Fed. If the index will indeed show an improvement, we can expect that dollar to gain against the majors once again. FOMC Member Sarah Raskin is due to deliver a speech at the National Consumer Law Center Consumer Rights Litigation Conference in Boston. She is also expected to talk about her views on the QE2 policy made by the Fed in order to boost economic recovery.
Source...