The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
The USD/JPY pair dropped again and it is challenging the near-term support levels again. In the short term, it seems undecided, so it could resume its range pattern. It's located at 130.03 far below yesterday's high of 130.56.
Fundamentally, the Japanese economic data came in mixed in the early morning. Retail Sales, Prelim Industrial Production, and Consumer Confidence came in better than expected. In addition, the Unemployment Rate came in line with expectations while Housing Starts reported poor data.
Earlier today, the US data brought high volatility. The CB Consumer Confidence and Chicago PMI came in worse than expected. Still, the traders are waiting for the FOMC as this is seen as a major event tomorrow. The Fed should increase the Federal Funds Rate by 25 bps. Also, ADP Non-Farm Employment Change, ISM Manufacturing PMI, and JOLTS Job Openings represent high-impact events as well. The indicators are expected to come in worse compared to the previous reporting period.
The USD/JPY pair continues to move sideways. You knew from my previous analysis that the rate could jump higher as long as the pair stays above the outside sliding line (sl) of the ascending pitchfork.
It's still trapped between 129.49 and 130.61 levels. It escaped from the triangle pattern and the rate came back to test and retest the broken downtrend line.
The rate failed to reach the 130.61 former high (range's resistance). It remains to see how it will react after reaching this static resistance.
Jumping, closing, and stabilizing above 130.61 activates further growth and is seen as a buying opportunity. The next major target could be represented by the 132.00 psychological level.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
