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USDJPY DAILY: Trying for a breakout
As noted yesterday, the break of 1 7-day pivot around 158 sent a bullish signal.
The break pof this pattern along with higher US bond yields and a generally firmer USD made the BoJ’s job a lot more difficult if it chose to defend 159.03, which has been the top of the range since the start of September.
Should the break above 159.03 be extended, there is a clear path to 160 although a nervous one given the intervenmtionb threat.
Current supports; 158.65-75.
Forex Market Snapshot
The dollar is trading firmer in a US and (Canada) holiday thinned session where banks and government offices are closed and stock markets are open as the spike in bond yields yes\terday continue to provide support. Mood elsewhere is risk on as stocks rally.
EURUSD is clinging to support with a retest of its 1.1131 low holding, USDJPY is bid but risk of BoJ intervention appears to be a restraint, USDCAD is testing 1.42+ again while AUDUSD lags.
EURUSD 4 HOUR: Power of 50 strikes again
What should have caught your attention today is the Power of the 50 level, with moves outside of 1.1150 and 1.1250 not following through (range 1.1145-1.1251).
With EURUSD back on the defensive below 1.12, the current focus is on 1.1150 while trading is within 1.11-1.12.
Market Update: Indices (CFDs 4 HOUR)
At this time yesterday the focus was on down trendlines, especially the NAS100 and then shifted to the up trendlines today as risk off took over as bond yields spiked following the hotter US CPI.
This leaves both indices in limbo heading into the Veteran’s Day holiday where liquidity will be thinned by government and banks closings while stock markets are open. Canada is closed for a holiday as well.
See charts for levels to watch.
USDJPY 4 HOUR: BOJ’S job just got harder
If the BOJ hopes to defend 159.03 to prevent an open door to 160, its job just got harder.
It is not only higher US yields and a generally firmer dollar but the likelihood that a 7 day pivot around 158 will be broken tomorrow (bullish).
To expose 159.03, needs a firm break of 158.76.
In any case, expect support on dips un;less 158 prints again
US500 4 HOUR (CFD): 7500 remains a focus
US500 post-CPI dipped to 7486 and recovered back above 7500.
The bounce needs to clear 7576 to put the descending trendline back in play.
Below 7486, focus would shift to the rising trendline and then 7348.
Test for stocks is whether they can withstand the headwind fron rising bond yields.
NAS100 (NASDAQ) 4 HOUR (CFD): Relief rally or more to it?
The bounce from the 26638 (red line) higher low so far stalled above 28000 as the descending trendline held.
On the downside, break of the trendline drawn off higher lows and 26638 would be needed to expose the 26244 swing low.
Otherwise, to make it more than a relief rally where 28336 resistance that preceded the 26244 low is the key level to break to challenge the downtrend.
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