The yellow metal has broken previously active pattern's trend lines. The reason for that
The recent volatility caused by the Chairman of the Federal Reserve Jerome Powell has caused the review of all currency pairs. The USD/JPY is no exception to the rule.
During this week everything was about the US Federal Reserve. Yesterday the expected testimony of the head of the Fed occurred. As a result,
Durable goods orders report was one of the weakest currency triggers on Tuesday; in fact, it could not compete with the Fed Chair Powell testimony, making the overall sentiment hovering in limbo.
The yellow metal has found support and is moving higher on Tuesday. However,
During the previous hours the USD/JPY currency exchange rate broke the short term channel down pattern. However, it revealed something more relevant.
The Sterling was seen weaker against the US Dollar after the UK GDP growth report came in on Thursday.
The European single currency slightly increased against the Greenback, following the final consumer price index report released last Friday.
The rebound against the 1,320 mark has extended itself. The bullion's price has reached near the 1,340 level. However,
The previous short term channel down pattern of the USD/JPY pair has been broken.
The US National Association of Realtors reported that in January the existing home sales slumped for the second month in a row.
The US National Association of Realtors reported that in January the existing home sales slumped for the second month in a row.
The 1,320 level has held its ground and even forced the pair to break the week long descending channel pattern.
Due to the recent decline of the currency exchange rate the situation has been remapped.
The Sterling was seen weaker against the US Dollar after the UK GDP growth report came in on Thursday.
The US National Association of Realtors reported that in January the existing home sales slumped for the second month in a row.
The Yellow metal has extended its decline on Thursday.
A fundamental change has taken place, which has caused the USD/JPY to change its direction.
The British Pound considerably decreased against the US Dollar after the UK job market report was released.
The US National Association of Realtors reported that in January the existing home sales slumped for the second month in a row.
On Wednesday the yellow metal's price reached the lower trend line of a long term ascending channel pattern.
On Wednesday the USD/JPY currency pair was approaching the resistance of a long term descending channel.
Initially, the British Pound rose against the US Dollar despite lower-than-expected UK retail sales data, growing 11 base points to the 1.4118 mark.
The Euro weakened against the Greenback despite the data showing an unexpected uptick in the German ZEW economic sentiment.