USD/JPY

Summary :
Target Level : 104.073
Target Period : 3 days
Analysis :
Ascending Triangle identified at 12-Oct-01:00 2016 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 104.0730 within the next 3 days.
Resistance Levels :
( B ) 104.073Last resistance turning point of Ascending Triangle.
Support Levels
( A ) 103.173Last support turning point of Ascending Triangle.

Chart date range : 28-Sep-04:00 GMT-> 12-Oct-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

Oil rose towards $52 a barrel on Wednesday

Oil rose towards $52 a barrel on Wednesday, hitting its highest since June, supported by an industry report that U.S. inventories probably fell for a fifth straight week and OPEC’s deal to cut supply.
The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped 7.6 million barrels, which would be the fifth straight weekly decline if confirmed by U.S. Energy Information Administration (EIA) data on Wednesday.
Brent crude was trading at $51.83 a barrel, up 96 cents, at 1204 GMT. The global benchmark touched $51.87 during the session, its highest since June 10. U.S. crude CLc1 was up 91 cents at $49.60.

Global oil prices steadied on Monday

Global oil prices steadied on Monday as market players weighed last week’s news of a planned OPEC production cut with doubts over its implementation and effectiveness at wiping out a crude supply overhang.
December Brent crude futures remained above $50 a barrel in European trading but by 1400 GMT were flat on the day at $50.19 a barrel, after erasing earlier slight gains. U.S. crude futures were $48.23 a barrel, a cent lower.


Europe and Asia’s largest markets, Germany and China, were both shut for public holidays on Monday, limiting trade.
The Organization of the Petroleum Exporting Countries said last week it would cut output to between 32.5 million barrels per day (bpd) and 33.0 million bpd from about 33.5 million bpd, with details to be finalised at its policy meeting in November.
Brent crude oil prices, most sensitive to any OPEC deal, have climbed more than 8 percent since the planned cuts were announced on Wednesday despite scepticism over the effectiveness of the deal in eroding the global surplus.
“Naysayers will undoubtedly fade the headline (of the output cut) and deem the agreement typical OPEC noise, yet at a minimum it means that OPEC has bought themselves a price floor for at least the next two months heading into the November meeting,” analysts at RBC Capital Markets said in a note.

GBP/USD continues to have a quiet week

GBP/USD continues to have a quiet week, as the pair trades at the 1.30 line in Thursday’s North American session. On the release front, it’s a data-heavy day. British Net Lending to Individuals improved to GBP 4.5 billion, beating the estimate of GBP 4.0 billion. In the US, Final GDP gained 1.4%, edging above the forecast of 1.3%. Unemployment Claims edged up to 254 thousand, beating the forecast of 260 thousand. Later in the day, the US releases Pending Home Sales. On Friday, the UK releases Current Account and Final GDP. The US will publish the UoM Consumer Sentiment report.
•GBP/USD posted small losses in the Asian session. The pair was choppy in European trade and has posted slight losses in the North American session
•1.2899 is providing strong support
•1.3033 is a weak resistance line. It could see further action in the North American session
Further levels in both directions:
•Below: 1.2899, 1.2778 and 1.2612
•Above: 1.3033, 1.3142, 1.3219 and 1.3327
•Current range: 1.2899 to 1.3033
GBP/USD ratio is unchanged in the Thursday session. Currently, long positions have a strong majority (72%). This is indicative of trader bias towards GBP/USD reversing directions and moving to higher ground.

Canadian dollar continues to struggle

The Canadian dollar continues to struggle, as USD/CAD remains above the 1.32 level. USD/CAD touched 1.3275 on Tuesday, as the Canadian dollar slumped to its lowest level since March. The slide started after weak Canadian consumer indicators on Friday. Core Retail Sales was the biggest disappointment, as the market forecast of +0.5% was dashed by a weak reading of -0.1%. Core CPI remained stagnant at 0.0% for a third straight month, underscoring persistent low inflation levels. The BoC has stated its concerns about weak inflation, and these soft releases will add pressure on the bank to consider reducing interest rates at its October policy meeting. The Canadian dollar is sensitive to oil price movement, and with OPEC members holding an informal meeting on Wednesday in Algiers, we could see some volatility from crude which could affect the movement of USD/CAD.