– UK and US banking holiday yesterday
– Keep an eye out for PMI and house price index results for May later this week
– Hawkish comments seen from the FED. FED watch tool showing 28% rate hike for June
– Keep an eye out for Personal Consumption Expenditure Core figure today and NFP on Friday
– US Treasury has warned Japan not to use Yen strength as reason to intervene. Japan have argued that currency’s NET gains have been excessive raising prospect of intervention
– Abe looking to hold off consumption tax until October 2019. Keep an eye out for data releases on Wednesday for announcement
– Data released out of Japan during Asian session:
– Job/ applicants ratio: 1.34 / 1.3 / 1.3
– Industrial production YoY April: -3.5% / – / 0.2%
– Industrial production MoM April: 0.3% / -1.4% / 3.8%
– Resistance areas have been marked in pink with an arrow pointing down – if you are a bear you could look to sell here
– Keep in mind that when price passes through a resistance area that area could act as support in the future. This would include role reversal price action, pivot points and psych levels. The same applies with support.
– Also keep an eye on dynamic support and resistance in the form of the moving averages.
About The Post
About The Forex Analyst
"When there is a gap you either commit yourself as a professional racing driver that is designed to win races or you come second, you come third or you come fifth. And I am not designed to come third, forth or fifth. I race to win. And if you no longer go for a gap that exists, you are no longer a racing driver." Aryton Senna