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Trade optimism sends USD/JPY above 110, US inflation eyed

Trade deal: Ahead of the Sino-American signing ceremony on Wednesday, the US dropped its tagging of China as a currency manipulator. The Chinese yuan shot higher and the upbeat mood weighed on the Japanese yen, pushing it above 110.

Fed: Raphael Bostic, President of the Atlanta branch of the Federal Reserve, has said that monetary policy is appropriate, with no need for changes. His words echo those of his peers. John Williams of the New York Fed speaks later.

The focus later shifts to the data, with the Consumer Price Index report for December. Core CPI is expected to remain at 2.3% yearly

GBP/USD remains on the back foot after Monday’s Gross Domestic Product report disappointed by contracting by 0.3%. It joined dovish comments from officials at the Bank of England.

Oil prices are extending their gradual climb down, with WTI hovering around $58. Gold is following a similar path, trading below $1,550.

According to Trading Central (3rd party RIA) the USDJPY could be heading UP to 111.00 if it does not go BELOW 108.35

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 111.00
1€ 2,992.22€ 5,984.44€ 830.00
5€ 14,961.10€ 29,922.20€ 4,150.00
10€ 29,922.20€ 59,844.40€ 8,300.00
25€ 74,805.51€ 149,611.01€ 20,750.00
50€ 149,611.01€ 299,222.02€ 41,500.00

EUR/USD Forecast: Short-term bullish, but upside potential limited

  • EUR/USD Current Price: 1.1134
  • US to remove currency manipulator tag on China ahead of Wednesday’s ceremony.
  • US annual final December inflation seen revised up to 2.3% from 2.1%.
  • EUR/USD hovering near its daily high ahead of the Asian opening.

EUR/USD short-term technical outlook

The EUR/USD pair is currently trading at around 1.1135, just above a strong Fibonacci level. It’s technically bullish in the short-term and according to the 4-hour chart, as technical indicators hold within positive levels, and at fresh 1-week highs, although losing upward strength. The price, in the meantime, is struggling with a flat 100 SMA, with all moving averages lacking directional strength. The bullish potential, however, seems limited, as sellers have been adding on approaches to the 1.1200 level. The pair would need to run past 1.1240 to become more attractive to bulls, yet the fundamental scenario doesn’t favor such advance.

According to Trading Central (3rd party RIA) the EURUSD could be heading UP to 1.1240 if it does not go BELOW 1.1065

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 1.1240
1€ 3,333.33€ 6,666.67€ 897.40
5€ 16,666.67€ 33,333.33€ 4,487.00
10€ 33,333.33€ 66,666.67€ 8,974.00
25€ 83,333.33€ 166,666.67€ 22,435.00
50€ 166,666.67€ 333,333.33€ 44,870.00

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