USD/JPY Daily Outlook


The Euro was pretty unstable during the session yesterday. The ECB was expecting a rate increase and future growth. However, the Central Bank only increased the overview for future growth and didn’t make any decisions on the rate increase. The Central Bank announced to keep following the QE policy until September 2018. EUR/USD was trading at the level 1.1780. That level is lower than the previous one, which was above 1.18.


That pair’s market increased during the session yesterday. However, after the announcement of the monetary policy by the Bank of England, it went lower again. Such an announcement was expected though, and thus, didn’t influence the market much. The market is getting through an essential resistance at the level 1.34 being extending up to 1.35. The trade negotiations will be held in the critically important second phase of Brexit negotiation. That pair is going to be unstable when supported at 1.333 level.


The market broke below the level 113 at the bottom of the session of the previous day, and traded with a negative bias in the session yesterday. The market will most likely break below 112 level soon, while it’s witnessing plenty of action around the level 112.50. The fact that the Federal Reserve is increasing the interest rate and is widening its differential is favorable to the increase of the market.


That pair increased considerably during the session yesterday and broke above the 0.7650 level, but after that decreased a bit. It will probably cause lots of noise in the region and will probably test for the support below. It will be difficult for the market to cross the level 0.7750 in case the upside momentum proceeds. The market will probably bring back the gains sooner in case of breaking below the 0.76 level. In order to understand the trend of the market traders should monitor the gold market movement.