The overnight session has seen USDJPY push higher through resistance above 114.00 and stocks have risen for the fifth consecutive session. The question is to what extent this is being driven by sentiment vs. actual flows. As we mentioned yesterday, changes to pension rules in Japan have been long expected, so should not have come as a surprise. But USDJPY does start to look a little more vulnerable around these levels, just purely from a momentum perspective. The 14 day RSI is once again above the 70 level, which in essence makes a correction that little bit more likely. In the background have been further comments from BoJ governor Kuroda overnight, in which he repeated that he saw no limit to the measures the central bank could take to end deflation. In the wider picture, we’ve seen the dollar gaining ground into the European session, more so vs. sterling which has pushed cable back below the 1.60 level and also pulled EURUSD back towards the 1.25 area. Putting up some resistance has been the kiwi, helped by jobs data showing stronger than expected employment growth in Q3. For today, final readings of what were disappointing PMI readings for the Eurozone for October are seen early on. Thereafter, services PMI data for the UK is released at 09:30 GMT, with ADP employment data for the US at 13:15 GMT. No great surprise to see the Senate falling to the Republicans in US mid-terms, so two years of even greater political stalemate in the US will ensue. Note that Aussie jobs data is released overnight. Further reading: EUR/USD, GBP/USD, USD/JPY Pivot Points, Technical analysis, November 5 AUD/USD: Trading the Australian Employment Change FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next UK services PMI falls to 56.2 – GBP/USD falls below 1.59 Yohay Elam 8 years The overnight session has seen USDJPY push higher through resistance above 114.00 and stocks have risen for the fifth consecutive session. The question is to what extent this is being driven by sentiment vs. actual flows. As we mentioned yesterday, changes to pension rules in Japan have been long expected, so should not have come as a surprise. But USDJPY does start to look a little more vulnerable around these levels, just purely from a momentum perspective. The 14 day RSI is once again above the 70 level, which in essence makes a correction that little bit more likely. In… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
