- SWFX market sentiment is 56% bearish
- 53% of pending orders in the 100-pip range are to BUY the US Dollar
- Nearest resistance is located near 112.70
- Upcoming events: Empty Monday
In result of the previous trading session the pair fell to 112.10 but then resumed the surge and started new week at 112.70. As the rate is squeezed between many technical barriers, it is expected to spend this trading day moving horizontally near the monthly PP.
The US retail sales expended more than anticipated in November, amid the brisk start of holiday season, suggesting that sustained economic strength could set the stage for further Fed's rate hikes in 2018. The Commerce Department stated that the country's retail sales increased 0.8% in November, following an upwardly revised 0.5% gain in the prior month, as households bought range of goods, while cutting motor purchases.
Boring Monday
In essence, there are no important macroeconomic data releases scheduled for today.
USD/JPY rises to 112.70
An absence of any significant news in first half of the previous trading session expectedly led to a rebound from support zone located near the 112.10 mark. But then reports about agreement reached on tax reform by the House and Senate caused a spike up to the 112.70 mark. As further path to the north is obstructed by the falling 100- and 200-hour SMAs together with the weekly PP, the Dollar is unlikely to gain much value against the Yen. On the other hand, the 55-hour SMA in conjunction with the 50% Fibonacci retracement level should allow an active plunge as well. As a result, before the advent of some substantial news, the pair is expected to move horizontally between the above support and resistance barriers.Hourly chart
On daily chart the pair has stuck near monthly PP, which is covered by the 55-day SMA and the 50% retracement level from both sides. Because of this double pressure it might spend some time moving horizontally.
Daily chart
The SWFX sentiment has decreased, as 56% of open positions are short now. Meanwhile, 53% of pending orders are to buy the US Dollar (+1%).
OANDA traders are bullish on the pair, with 55% of open positions being long (+5%). Saxo Bank clients are holding 50% short positions (+0%).