Forecast for USD / JPY pair on October 29, 2018
October 29, 2018 9:37 amVideo
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USD / JPY pair
On Friday, the Japanese yen fell by more than 100 points and broke the support level of 111.64, which is a signal level to decline towards 110.39, but the price fixing did not happen. According to the indicators at the moment, the price will once again attempt to attack the signal level with a subsequent decrease. On the daily scale chart, the price fixed below the balance line (red indicator) and the Marlin oscillator is falling. On the H4 graph, a consolidation occurred under the balance lines and MACD trend. Marlin oscillator is declining and its price convergence is getting weak.
Expectations on the economic parameters of Japan in the coming days are pessimistic. Weakened retail sales figures for September were already out this morning, showing the data dropped to 2.1% y/y against 2.7% y/y. On Wednesday, the industrial production for September is expected to decrease by -0.2% m/m and the number of new bookmarks homes can be reduced to -0.5% y/y. Yet there will be a meeting of the Central Bank of Japan on Wednesday, it might change the mood of the market, although the Bank of Japan to intervene in the situation is definitely premature. Thus, the main scenario is that we are waiting for the price fixing under 111.64 and further move to 110.39.
The material has been provided by InstaForex Company – www.instaforex.com
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