Today’s Hot Asset for you to Trade On: USD/JPY.
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USD/JPY
The pair neared 117 again this Tuesday. Traders were hesitant about the pair, as anticipation for data from the Central bank of Japan grew. The bank released the report confirming a delay in sales-tax hike. The pair broke from its freeze and has so far climbed to 117.50. Some analyst reports are now giving the pair a chance to climb as high as 140 within the next year.
If todays FOMC Meeting provides positive data, the pair may reach the 118 mark. The trend is slightly bullish. Support is found at 116.80 and resistance at 118.00.
Trend: Slightly Up
GBP/USD
The GBP/USD tested its support on Tuesday, at 1.5600.The drop was driven in large respect to the stronger dollar which drove the pair to a 14 month low. With a slightly higher than last month’s figure, the British inflation report came out at 1.3%. Many analysts are waiting for a dovish U.K. Monetary Policy report, in light of recent data. If this should happen, we may see the pair break through its support.
Again, attention is on the FOMC Meeting minutes which may support the downtrend or cause the pair to reverse. Support is found at 1.5590 and resistance at 1.5680.
Trend: Sideways
EUR/USD
The pair rose above 1.2500 to hold its gains. The surprising positive data from Germany, showing its first economic sentiment increase this year, had the price reacting. The bullish sentiment is on the advance today, as the news drove the pair upwards, ever since the German report was published. This could easily change as the FOMC Meeting Minutes report will be released at 7PM GMT.
Today, eyes should watch the U.S Building permits data which will be pronounced at 1.30PM GMT.
The trend is sideways. Support is found at 1.2400 and resistance at 1.2575.
Trend: Sideways
Crude Oil WTI
Tuesday brought a slight decline in WTI Crude Oil trading, the price is now at $74.00/barrel. Continuing speculation over OPEC’s upcoming data is continuing to influence the price. It is believed that OPEC will not change output, if this is the case, the price should drop further. The American Petroleum Institute inventory report showed an increase of 3.7 million barrels in U.S crude oil inventories, during the last week.
Today’s U.S. Crude Oil inventory data by EIA is supposed to show a decrease of 0.7%, by analyst opinions. If the result shows another increase, similar to the report issued by API, the price may drop below $74/barrel.
The trend is sideways. Support is found at 73.25 and resistance at 76.50
Trend: Sideways
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