Trading plan for 27/04/2018
April 27, 2018 8:24 amVideo
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Almost zero volatility accompanied the currency trading overnight. AUD, NZD, and CAD have shown a minimum weakness to the USD, while the EUR slightly better. The stock market in Asia mostly continues the green cycle behind Europe and Wall Street. A boring night in oil and gold.
On Friday 27th of April, the event calendar is busy in important data releases. The Bank of Japan press conference will take place during the early hours of the London session. Spain will release quarterly Flash GDP data, UK will post Preliminary quarterly GDP data and the US will reveal Advance GDP data. Two speeches are scheduled for today as well: the first one from the SNB Chairman Thomas Jordan and the second from BoE Governor Mark Carney.
USD/JPY analysis for 27/04/2018:
The Bank ofJapan maintained the policy parameters unchanged, just as the market participants expected. The decision was taken by a majority of 8: 1 votes – Kataoka again requested to increase the loosening. A slightly dovish element of the BoJ policy statement was to remove the expected date of reaching the inflation target of 2.0% in the fiscal year 2019.
Let’s now take a look at USD/JPY technical picture at the H4 time frame. The market is drifting close to the level of 109.20, showing no more reaction after the decision of the Bank of Japan. The nearest technical support is seen at the level of 109.06 the next one at the level of 108.54. The slowing momentum and the overbought market conditions are indicating a possible pull-back towards this levels during the trading day.
The material has been provided by InstaForex Company – www.instaforex.com
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