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USD/JPY has recorded gains on Friday

USD/JPY has recorded gains on Friday, erasing the losses which marked the Thursday session. Currently, USD/JPY is trading at the 117 line. There are no Japanese releases on the schedule. In the US, the sole event is Chicago PMI, with the markets expecting the indicator to dip to 56.5 points.
The yen moved higher on Thursday, courtesy of an optimistic report from the Bank of Japan. The bank’s Summary of Opinion, which was modestly upbeat, comes on the heels of last week’s rate statement, where the BoJ held rates at -0.10%. The summary noted that the economy is showing “moderate recovery”, boosted by stronger exports and steady consumer consumption. The report gave a thumbs up to the economy, stating that growth was expected to remain strong. Despite the optimistic tone of the BoJ, this week’s key consumer indicators pointed to persistent weakness in inflation and spending. Household Spending declined 1.5%, marking a ninth straight decline. The markets had predicted a small gain of 0.2%. The Japanese economy continues to grapple with deflation, as underscored by Tokyo Core CPI. The key indicator came in at -0.6%, weaker than the estimate of -0.4%. The BoJ continues to cling to its inflation target of 2.0%, but this goal is unlikely to be realized anytime soon. At the same time, the Japanese yen is down sharply, losing 11% since November 1. If the US economy continues to heat up in 2017, we could see the Fed step in with further rate hikes, which would likely push the yen to lower levels.

Gold has posted slight gains in the Tuesday session.

Gold has posted slight gains in the Tuesday session. In North American trade, the spot price for one ounce stands at $1137.32. On the release front, CB Consumer Confidence climbed to 113.7, easily exceeding the estimate of 108.9. On Wednesday, the US releases Pending Home Sales, with the markets expecting a strong gain of 0.6%.
As 2016 wraps up, US consumer confidence indicators continue to move upwards in what analysts are describing as a post-election surge in optimism. The CB Consumer Confidence report surged in December to 113.7, its highest level since August 2001. This reading comes on the heels of UoM Consumer Sentiment, which climbed to a 12-year high, with a reading of 93.8 points. Clearly, consumers are optimistic that the economy will continue to improve under Donald Trump. Both of these well-respected surveys found that consumers are confident that continuing economic growth will create new jobs and raise incomes. Trump’s economic platform remains short on details, but he has promised to cut taxes while increasing fiscal spending.

USD/JPY has posted gains in the Asian and European sessions

•USD/JPY has posted gains in the Asian and European sessions
•113.86 has switched to a support role following gains by USD/JPY
•114.83 is the next line of resistance
•Current range: 113.86 to 114.83
Further levels in both directions:
•Below: 113.86, 112.48, 111.45 and 110.24
• Above: 114.13, 115.45 and 116.88
USD/JPY ratio is almost unchanged in the Monday session. Currently, short positions have a strong majority (58%), indicative of trader bias towards USD/JPY continuing to move lower.
USD/JPY has started the week with strong gains. Currently, the pair is trading at 114.30. On the release front, Japanese Consumer Confidence dropped to 40.3 points, missing expectations. In the US, today’s key event is ISM Non-manufacturing PMI. The index is expected to improve to 55.3 points.

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EUR/USD

Summary :
Target Level : 1.0565
Target Period : 12 hours
Analysis :
Pennant identified at 30-Nov-17:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.0565 within the next 12 hours.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 1.0667Last resistance turning point of Pennant.
Support Levels
( A ) 1.0565Last support turning point of Pennant.

Chart date range : 17-Nov-09:00 GMT-> 01-Dec-09:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

GBP/USD has started the trading week with strong gains

GBP/USD has started the trading week with strong gains. In the North American session, the pair is trading at the 1.25 line. On the release front, there are no indicators out of the UK or the US. On Tuesday, the UK will release Public Sector Net Borrowing and CBI Industrial Expectations.
It’s a very quiet start to the week, so the markets will have some time to focus on the Autumn Forecast Statement, which serves as a preview to the annual UK budget. This report will be closely watched, as it will detail the government’s forecast for the economy ahead of the Brexit negotiations. Analysts are bracing for a pessimistic report which will point to lower growth, higher inflation and a ballooning deficit. Since the Brexit vote, the economy has managed quite well, consistently putting up numbers which have beaten expectations. However, if the Autumn Forecast Statement points to serious trouble ahead as Britain prepares to leave the EU, the pound could weaken.
•GBP/USD was flat in the Asian and European sessions. The pair has  posted strong gains in North American session
•1.2351 is providing strong support
•1.2479 was tested earlier in resistance and is a weak line
Further levels in both directions:
•Below: 1.2351, 1.2272 and 1.2120
•Above: 1.2479, 1.2620 and 1.2778
•Current range: 1.2351 to 1.2479
In the Monday session, GBP/USD ratio is showing long positions with a majority (58%), This is indicative of trader bias towards GBP/USD continuing to move upwards.