By Forex Signs, Inc.<\/p>\n
The USDJPY pair started today’s session with a soaring upward trend at the H1 chart. Price level opened at 84.24. The pair went down 2 pips then consolidated after. The insignificant decrease might be just a correction. Resistance level is quantified at 84.40 while support is at 82.33. The resistance level was just formed yesterday as the pair successfully broke the then resistance at 84.33 which was recorded in December 1. Yesterday seemed like just a continuation of a rebound uptrend since the pair had a bearish reversal two days ago. As the pair made a new resistance level, it is most likely to stay on a bullish sentiment towards the end of the trading session. Further, MACD (12, 26, 9) seems to be stable at signal 0.1360. It is nowhere near the neutral grounds. Looking at its historical data, there is a chance that MACD can reach signal as high as 0.2754 before it tries to calm down. Channelling to another indicator, %R (14) started a day exiting from the overbought level. As of the moment, the indicator is trying to reach level -50 but it had only touched -52.07 then and from there had a reversal. It may take a couple more candlesticks at the H1 chart for the price level to reach the maximum overbought level then go down at neutral grounds or even near the oversold base.<\/p>\n
Strong Housing Figures May Continue the Greenback’s Rise Against Other Majors<\/p>\n
For the upcoming American session, the strong housing market data is expected to help the US Dollar gain against other major currencies as Building Permits is expected to rise 0.57M for November, higher than the 0.55M reported for October. This annualized figure is very important for the housing market, as this is an excellent gauge of future construction activity, because obtaining a permit is among the first steps in constructing a new building. Housing Starts is also expected to improve, as economists expect an increase of 0.55M. This indicator is closely correlated with Building Permits but can produce a more expansive ripple effect on the US economy.<\/p>\n
Aside from these, Unemployment Claims is also scheduled for release with economists hinting that the number would still be unchanged at 421.K. Although this number remains at its current level, it does not necessarily mean an increase of employment. The Philadelphia Fed Manufacturing Index, which surveys manufacturers in Philadelphia and gauges industry conditions, is expected to lower its reading from 22.5 to 15 for this month. A lower-than-expected figure could shake the markets and trigger another round of risk aversion.<\/p>\n
Forex Signs, Inc., Founded in 2006 in Wall Street, New York City, FSI relentlessly strives to be the premier Forex brokerage company in the industry by providing exclusive and unmatched trading and investment related services while constantly developing innovative solutions that cater to the vast requirements of both individual and institutional market participants.<\/p>\n","protected":false},"excerpt":{"rendered":"
The USDJPY pair started today’s session with a soaring upward trend at the H1 chart. Price level opened at 84.24. The pair went down 2 pips then consolidated after. The insignificant decrease<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-16936","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=16936"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16936\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=16936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=16936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=16936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}