{"id":114893,"date":"2017-10-17T05:27:28","date_gmt":"2017-10-17T09:27:28","guid":{"rendered":"http:\/\/countingpips.com\/?p=114893"},"modified":"2018-06-01T15:55:34","modified_gmt":"2018-06-01T15:55:34","slug":"daily-market-report-usdjpy-can-we-have-a-bulls-attack-october-17-2017","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/daily-market-report-usdjpy-can-we-have-a-bulls-attack-october-17-2017\/","title":{"rendered":"Daily Market Report \u2013 USD\/JPY Can We Have A Bulls Attack? October 17, 2017"},"content":{"rendered":"
October 17, 2017<\/div>
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By<\/b> Mexgroup.com<\/a><\/p>\n

USD\/JPY Lost The Bearish Momentum<\/strong><\/p>\n

The USD\/JPY dropped today and retested a broken dynamic support (resistance turned into support). Price increased sharply in the yesterday’s trading session as the Yen was punished by the Nikkei’s further increase. The Japanese stock index has managed to touch fresh new highs in the morning, has climbed as much as 21392 high, but failed to stay there and now is trading below the 21350 yesterday’s high. I’ve said in the last day’s that the JP225 could drop a little after the impressive rally, this situation will send the Yen higher. However, Nikkei’s further increase will force the Yen to depreciate.<\/p>\n

The greenback still needs a helping hand from the United States data, the Import Prices may increase by 0.6%, matching the 0.6% growth in the former reading period, the Capacity Utilization Rate could increase from 76.1% to 76.2%, while the Industrial Production is expected to increase by 0.3% in September versus the 0.9% drop in the former reading period.<\/p>\n

\"17usdjpy\"<\/a><\/p>\n

The USD\/JPY has managed to jump above the upper median line (uml) of the minor descending pitchfork after the failure to reach the 38.2% retracement level. A retest of the upper median line (uml) will signal a further increase on the short term. Price is trading near the 112.20 level and it could consolidate on the short term before will recapture enough energy to be able to start a larger increase.<\/p>\n

AUD\/USD In The Buyer’s Territory<\/strong><\/p>

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\"17aududs\"<\/a><\/p>\n

The currency pair increased in the last hours and erased the morning losses. Price is still in the green and could climb much higher as long as stay above the 0.7835 horizontal support (resistance turned into support). The next upside target will be at the upper median line (uml) of the minor descending pitchfork. It could be attracted by the confluence area formed between the 23.6% retracement level with the upper median line (uml) of the minor descending pitchfork.<\/p>\n

NZD\/USD Another False Breakout?<\/strong><\/p>\n

\"17nzdusd\"<\/a><\/p>\n

The rate rallied aggressively and retested the fifth warning line (wl5) of the ascending pitchfork, but failed to stay near this level and above the 50% retracement level. Another false breakout above the 50% retracement level will send the rate down again. However, it is still expected to retest the upper median line (uml) of the minor descending pitchfork. A larger increase will come only if the rate will make a valid breakout above the WL3.<\/p>\n

\u00a0By Olimpiu Tuns – Market Analyst<\/strong><\/p>\n

\"Profil1\"<\/a><\/p>\n

I graduated a Master in Business Administration, I am a Market Analyst \/ Trader on Financial Markets (forex, commodities, futures, options) for more than 6 years, I use technical and fundamental analysis for my daily activity. Founder and Market Analyst at ovtbusiness.com (Financial Markets Blog) and contributor on investing.com, actionforex.com,\u00a0 countingpips.com, forexalchemy.com, etc.<\/p>\n

Risk Disclaimer:<\/span><\/em><\/p>\n

Trading, in general, is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment\/deposit, so do not invest money you can’t afford to lose. You are strongly advised to carry out your independent research before making any trading decisions.\u00a0 All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this website.<\/span><\/em><\/p>\n

The post Daily Market Report – USD\/JPY Can We Have A Bulls Attack? October 17, 2017<\/a> appeared first on mexgroupblog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mexgroup.com USD\/JPY Lost The Bearish Momentum The USD\/JPY dropped today and retested a broken dynamic support (resistance turned into support). Price increased sharply in the yesterday’s trading session as the Yen was punished by the Nikkei’s further increase. The Japanese stock index has managed to touch fresh new highs in the morning, has climbed […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-114893","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=114893"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114893\/revisions"}],"predecessor-version":[{"id":114894,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114893\/revisions\/114894"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=114893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=114893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=114893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}