15 September 2022 Morning Session Analysis
Expectation upon currency intervention from BoJ, Yen rebounded.
The Japanese Yen started to rebound from the 24-year low overnight amid expectation upon the currency intervention from Bank of Japan. According to Reuters, the Bank of Japan could conduct a rate check with banks in apparent preparation to stabilize the recent depreciation from Japanese Yen. Though, Finance Minister Shunichi Suzuki claimed that the authorities would make no advance announcement of plans to intervene, heightens uncertainty for firms and traders in making business decisions. Though, investors would still continue to scrutinize the latest updates from the Bank of Japan to receive further trading signal. Recently, the Japanese Yen has depreciated nearly 30% this year following the Bank of Japan (BoJ) continue to maintain its ultra-loose monetary policy, in contrast with its global peers. As of writing, the pair of USD/JPY slumped 0.14% to 142.95.
In the commodities market, the crude oil price extends its gains amid investors speculated that the manufacturing firm would start to substitute the natural gas into crude oil following Russia restrict natural gas supply into European region. On the other hand, the gold price extends its losses by 0.01% to $1697.55 per troy ounces as of writing amid strengthening US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 GBP BoE MPC Meeting Minutes
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 20:30 | USD – Core Retail Sales (MoM) (Aug) | 0.40% | 0.20% | – |
| 20:30 | USD – Initial Jobless Claims | 222K | 225K | – |
| 20:30 | USD – Philadelphia Fed Manufacturing Index (Sep) | 6.2 | 3.5 | – |
| 20:30 | USD – Retail Sales (MoM) (Aug) | 0.00% | 0.20% |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains after breakout.
Resistance level: 109.70, 112.65
Support level: 104.85, 101.30
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after breakout.
Resistance level: 1.1585, 1.1730
Support level: 1.1415, 1.1310
EURUSD, H4: EURUSD was traded lower following prior retracement from the resistance level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 1.0075, 1.0190
Support level: 0.9875, 0.9775
USDJPY, H1: USDJPY was traded lower following prior breakout below the previous support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 143.15, 144.20
Support level: 142.00, 140.75
AUDUSD, H4: AUDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 0.6875, 0.7020
Support level: 0.6725, 0.6595
NZDUSD, H4: NZDUSD was traded lower while currently testing the support level. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 0.6150, 0.6230
Support level: 0.6000, 0.5935
USDCAD, H4: USDCAD was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.3195, 1.3320
Support level: 1.3100, 1.2955
USDCHF, H4: USDCHF was traded higher while currently testing the resistance level. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 0.9635, 0.9740
Support level: 0.9515, 0.9410
CrudeOIL, H4: Crude oil price was traded higher following prior rebounded from the support level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level.
Resistance level: 90.25, 96.05
Support level: 86.05, 81.40
GOLD_, H1: Gold price was traded lower while currently testing the support level. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses after breakout.
Resistance level: 1706.10, 1720.35
Support level: 1693.65, 1680.00