Fundamental Analysis

Markets shopping for on optimism for US-China relations

USDJPY and Yen crosses have remained buoyant amid a backdrop of agency international fairness markets. USDJPY retested 109.00 however has to date left yesterday’s 1-week peak at 109.08 untroubled.

Shares proceed to rally on hopes for a breakthrough within the US-China commerce standoff. Either side agreed to increase talks into an unscheduled third day amid experiences of progress on Chinese language imports of US items and elevated entry to Chinese language markets, and Bloomberg cited sources reporting that President Trump, who tweeted that “talks are going very properly,” is now desirous to strike a deal.

The MSCI Asia-Pacific (ex-Japan) Index has gained over 1.5%, reaching a 26-day excessive. The USA500 Index closed on Wall Avenue yesterday with a zero.97% achieve, and USA500 futures are exhibiting an zero.four% advance in in a single day buying and selling. In Japan as we speak, wages knowledge got here in on the nice and cozy aspect of expectations, rising y/y versus the median forecast for 1.2% y/y.

Regardless of this, EURJPY and AUDJPY have posted contemporary 1-week and 11-day highs, respectively.

AUDJPY retraced greater than 50% of December’s losses, after falling dramatically to its low space first established in 2009, at 70.60, final Thursday. The pair is above 50% Fib. stage and the 77.00 stage, for a third consecutive day .

Momentum indicators are nonetheless negatively configured, exhibiting that the general weak spot of the Aussie doesn’t appear to have light but. Nevertheless, the brief time period technical indicators, together with the transfer above the month midpoint, indicate shopping for stress and the doable retest of  78.80 barrier.

This barrier is the confluence of 61.eight% Fib. retracement stage, 20-day SMA but in addition 2-year Assist, which may now present robust Resistance for the asset. Assist for the day holds at 77.08-77.20 space.

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Andria Pichidi

Market Analyst


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