XAUUSD 4-HOUR CHART – Retracing?
A failure to stay above 2350ish has cooled a fresh bull run.
To contain the retracement it needs to hold 2328 – 61.8% of 2303-2378 (see chart)
USDJPY Daily
Resistance at 157.100
Support 155.750 & 155.950
If we forget about BoJ , this pair is moving Up – it is in Buy mode on the daily.
If you have to play with this pair right now, go with very tight stops, but be aware that in the case BoJ reacts again, they might be executed way lower – so use your margin wisely and go very light to counter that slippage risk.
EURUSD Daily
Resistance 1.08050 & 1.08350
Support 1.07750 & 1.07500
As you can see from the chart, it was rejected at downtrend line 1.08050.
For the continuation of Uptrend, I would like to see support at 1.07750 holding it’s ground (smaller time frames indicate a test of it )
We have lots of Data tomorrow and some very important ones at that!
The current Pattern on Daily can go both ways – so wait for Data .
USDJPY 4 HOUR CHART
USDJPY spikes higher following a tick up in us yields (only a little) following the Fed’s inflation expectations survey.
If you scroll through THE FORUM PAGES YOU WILL SEE MY WEEKEND UPDATE WHERE I NOTED IT MAY DEPEND ON WHAT CHARTS THE BOJ is looking at.
ON THE 4 HOUR, 156.28 IS A LEVEL IT WOULD NOT WANT TO SEE TRADE.
THE IMPORTANT LEVEL IS 157.98 ON ALL TIME FRAMES.
Note, EURJPY came within a few pips of the key 168.65 resistance cited earlier (scroll down the forum)
copy paste from NY FED
how bad is jerome the inflation fighter screwed ?
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PRESS RELEASE
Consumers Expect Higher Short-Term Inflation and Home Price Growth
May 13, 2024
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the April 2024 Survey of Consumer Expectations, which shows that inflation expectations increased at the short-term and longer-term horizons, while decreasing at the medium-term horizon. Home price growth expectations reached the highest level since July 2022. Spending growth expectations also increased. The average perceived likelihood of voluntary and involuntary job separation declined, as did the perceived likelihood of finding a job in the event of a job loss.
The main findings from the April 2024 Survey are:
Inflation
Median inflation expectations increased to 3.3% from 3.0% at the one-year horizon (remaining below its 12-month trailing average of 3.5%), decreased to 2.8% from 2.9% at the three-year horizon, and increased to 2.8% from 2.6% at the five-year horizon. The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at the one-year horizon and increased at the three-year and five-year horizons.
Median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—increased at the one- and five-year horizons and declined at the three-year horizon.
Median home price growth expectations increased to 3.3% after remaining unchanged at 3.0% for seven consecutive months. This is the highest reading of the series since July 2022. The increase was most pronounced for respondents with a high school degree or less.
Year-ahead commodity price expectations rose across the board in April, increasing by 0.3 percentage point for gas to 4.8%, 0.2 percent point for food to 5.3%, 0.6 percent point for the cost of medical care to 8.7%, 2.5 percentage points for the cost of college education to 9.0% and 0.4 percentage point for rent to 9.1%.
© 2024 Global View