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USD/JPY Hold Firm To A Bullish Trading Bias Throughout Q4


In accordance with the recent happenings that took place in the global currency market last week, the safe-haven currency (DOLLAR) was able to have a positive return in spite of the mumbo-jumbo the market was faced with. While the bulk of several market participants' attention was focused on the non-farm payroll that was released on Friday, still the “ninja pair” had a bullish trading appearance all through the first week of October. From the US economy updates and market releases, it was labelled that a modest report was fetched from every angle of the US financial statements. A recap of last week's trading session for the major currency pairs: saw a fraction of the major pairs which were able to close on a bearish note with others closing on a positive record. GBP/USD opened at 1.3412 and closed the week at 1.36114 with a bullish long-legged Doji candlestick pattern, AUD/USD opened at 0.72233 and closed at 0.73052, EUR/USD opened at 1.16165, closed 1.15711, USD/CHF printed a bearish remark at the close of the last trading session with a daily open of 0.92971 and closed at 0.92701. Furthermore, USD/JPY opened the trading week at the price of 110.824 and closed the week at 112.221.To get more news about envifx, you can visit wikifx.com official website.
　　What To Expect For The USD/JPY
　　US Fundamental Report
　　To forecast the future price action of the dollar-yen currency pair. It should be observed that the overall market sentiment for the pair posed a buying trading signal. With much focus on the Federal Reserve bond and rates tapering meeting to be held in the early days of November a huge number of currency traders believed that the Fed will likely be subsiding the interest rate. Hence this will give more room for the dollar to continue its bullish rally across every other major pairs' opposition. The impact of the NFP report on Friday was digested to be a negative effect on the economic stability of the US Dollar, however, the dollar came out with a positive momentum hovering over other currencies. Although the expectation of traders was deemed towards having a negative reaction for the greenback. As the Consensus forecast for the non-farm farm payroll was pegged at 500K, still the actual reports for the September job claim report came out to be 194K down from the previous August release of 366K.
　　The dollar index which gauges the greenback against six baskets of different currency pairs printed a negative dip of 0.1% at 94.067, nearly approaching last week's data of 94.504. To predict the future outcome of the dollar it should be noted that the estimated market moment of the greenback could be forced to undergo mild bearish corrections in the next trading week ahead.
　　Japanese Fundamental Report
　　In view of the 31st October Japanese representative election, the new prime minister Kishida declared the allocation of cash to every citizen affected by the virus and also promised to provide another surplus budget that'll cater for the provision of freebies after the election.
　　With a closed look at the price chart, it is observed that further break in the price above the 112.221 level will foster a more upside break towards attaining the market value of 114.733 hence this price point should be marked as the initial take-profit zone, in general, the market price action eyes the all-time high value of June 2016 level that was priced at 118.816. To break these analyses into something more believable while dwelling on the indicator performance and result, it's discovered that the Relative strength index is currently trading at a level above 60, thus a pullback in price will help to stabilize the bullish momentum of the pair.