Today’s Hot Asset for you to Trade On: USD/JPY.
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The USD/JPY continued its decrease on Wednesday and is now nearing 117.20. The depreciating US Dollar, following negative data which strained the positive U.S. economic outlook, drove the pair. An upwards price correction may occur today.
Today, pay attention to the Tokyo CPI release, which is expected to reveal a 2.3% increase.
At 11.30PM GMT the Japanese Industrial Production and Retail Sales report will also be available. The trend is sideways. Support is found at 117.20 and resistance at 117.80.
The Dollar weakened after the soft U.S. data from yesterday. This made the pair climb to 1.2530. The U.S. Core Durable Goods report exposed a decrease of 0.9% rather than the foreseen increase of 0.5%. The German CPI data will be released at 1PM (GMT) and is expected to bring the pair down. Individual German states have been releasing their own local CPI data, before the general release, which is causing the price to drop.
European Central Bank president, Mario Draghi, will speak at the Helsinki conference. The Euro may drop further, if his remarks are dovish.
The trend is slightly bearish. Support is found at 1.2440 and resistance at 1.2570.
Trend: Slightly Down
Crude Oil WTI
WTI Crude Oil dropped further on Wednesday and has reached its long standing 4 year low. Trading was at $71.95/barrel, the market is moving down before today’s OPEC meeting. Most traders do not expect OPEC members to decide on cutting production. In addition, US Crude Oil inventories showed an excess in oil stockpiles.
Following OPEC’s decision, the price could fall towards $70/barrel or sharply increase towards $80/barrel. The price is moving slightly bearish. Support is found at 70.00 and resistance at 75.50
Trend: Slightly Down
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