Tickmill's Investing Diva, USDJPY Daily Outlook 20-08-20
USDJPY Daily Outlook 20-08-20 - On Wednesday Trump cancelled China talks, raising Questions about trade deal, The Canadian Consumer Price Index (CPI) rose 0.1% on a year-over-year basis in July, the UK Annual consumer price inflation rose in July, and New Zealand input Producer Price Index fell 1.0%.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Thursday we’ll be eyeing the ECB Monetary Policy Meeting Accounts, the US weekly jobless claims, and Japan’s inflation rate.
Today I’m looking at the USD/JPY pair which could be in the process of forming a double bottom bullish reversal chart pattern on the 4-hour chart. The pair remains below the Ichimoku cloud but the future cloud appears bearish. To confirm this bearish reversal, we need a break above the cloud and a bullish push towards the pattern’s neckline at 106.
Do you think this is a temporary correction or we have a new uptrend on the horizon? Head over to the comments section and let me know.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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