The dollar-yen headwinds with a heavy outlook may turn lower on tonight's retail sales data
USDJPY 15-minute chart
in the short term
149.660 break long
149.514 break short (may revert at the Tokyo fixing)
Since the previous rise’s 0.382 Fibonacci pullback hasn’t formed yet
it may break below 149.50 and come near 149.439
1-hour chart
head is likely to be held by the red downward line
if it breaks, the 150 yen area is possible
UK CPI is expected to come in below market expectations
UK CPI is significantly below market expectations,
pound dollar plunges.
November’s 0.25% rate cut is almost
priced in
December also looks set for consecutive cuts
As for Europe, there is an ECB meeting today
a 0.25% rate cut is almost certain.
With Germany’s economy deteriorating markedly
President Lagarde after the meeting will
likely maintain a dovish stance
Most likely, European currencies will gradually trend downward
In USD/JPY, with 150 yen in view,
it’s hesitating.
The high 148s are seeing solid buying,
but near 150 there are many take-profit orders.
With Canada’s CPI plunging as well
I expect the same move in nearby North America, the United States
Wouldn’t USD/JPY eventually head toward a stronger yen?
Tonight’s retail sales could be the trigger
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