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Technical analysis

USDJPY Awaits G20 Summit Outcome

OctaFx | Nov. 30, 2018
USDJPY Awaits G20 Summit Outcome

The US dollar is trading with a cautious tone against the Japanese yen, as financial market participants await the outcome of US President Trump’s meeting with Chinese President Xi Jinping at the G20 Summit.

November 30, OctaFX – The yen was little moved in overnight trading even after disappointing data. The jobs/applications ratio moved to 1.62, which was lower than September’s 1.64.

The consensus estimate was 1.65. Consumer prices in Tokyo rose by 0.8%, which was worse than the 1.1% that traders were expecting. The unemployment rate rose to 2.4% from September’s 2.3%.

On a positive note, the country’s industrial production number rose by 2.9%. This was higher than the consensus estimate of 1.2%.

USDJPY Technical Analysis

A bullish outcome from the leaders meeting will likely support heavy USDJPY buying, while a bearish outcome should put further downside pressure on the USDJPY pair.

  • The USDJPY pair is only bullish while trading above the 114.02 level, key resistance is found at the 114.54 and 115.00 levels.
  • If the USDJPY pair trades below the 113.15 level, key technical support is found at the 112.60 and 111.30 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.