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USDJPY UPDATE
- As I have been noting the level the Boj/Mof does not want to see trade is 157.88 and the pause below it confirms this view.
- To build momentum to the downside, 156.70 and the 4-hour trendline need to be firmly broken, void to 155.47 below it.
- On the upside, above 157.57 would be needed to negate the risk.
- Note stepped up verbal intervention by MOF’s Katayama.
USDJPY 4 HOUR CHART
Newsquawk US Stock Market Wrap
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Newsquawk US Market Wrap
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US500 (SP500) UPDATE
- Little standing in the way of the record 6925 which makes it a formidable obstacle, especially at this time of the year.
- Otherwise, it has one-way up since 6715 so no obvious supports (or stops to go after), which suggests a buy on dips mode as long as it trades above 6800.
US500 DAILY CHART
Elusive russia-Ukraine peace deal
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ECB to stay on hold (note EURGBP slipped after this headline came out awhile ago)
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This will be a key focus to start the year and either raise or calm concerns over an independent Fed
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The Power of “50” Level is playing out in various places
EURUSD 1.1750
GBPUSD 1.3450
USDCAD 1.3750
AUDUSD 6650
US500 6850
NAS100 25500My Favorite Trading Secret: The Power of the “50” Level
US500 (SP500) UPDATE
- Is this the start of a Santa rally?
- With only one full day left this week before Xmas, it is hard to say but as long as 6800+ trades there should be support on dips, stronger if 6830-40 becomes support.
- On top the record high at 6925 remains a formidable obstacle.
US500 DAILY CHART
USDJPY takes a brief hit on more forceful verbal intervention
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<p style=”text-align: center;”>Source: Try Newsquawk free for 7 days</p>Newsquawk Daily US Opening News
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Forex Market Snapshot
- The dollar is trading softer in pre-Xmas trading although still well within existing ranges.
- EURUSD is so far holding within 1.1700-50 for a second day, a range too tight to last fir ling.
- USDJPY is paying some attention to the verbal intervention threat
- Key focus is on precious metals with both gold and silver trading to new record highs.
- Stocks have started the holiday week on a better note ahead of the US open.
Day is young but week starting out with hope for a late day Santa rally
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More verbal intervention … scroll below for USDJPY update
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USDJPY UPDATE
- If I was Katayama I would be scratching my head after a rate hike and verbal intervention were followed by a USDJPY surge higher and not lower.
- The level that the BoJ/MoF should not want to be seen broken is 157.88 as there is a huge void to 161.91 with psychological 158 and 160 levels standing in the way.
- Given the time of the year, the intervention threat should be enough to restrain the upside but if not then 158-160 becomes a sticky zone.
- Back below 156.95 would be needed to indicate 158 is a bridge too far.
USDJ{Y WEEKLY CHART
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