USDJPY shot to the highest level in three years as the market waited for the upcoming US consumer price index (CPI) data. The numbers, which will come in the afternoon session. The data is expected to show that the country’s inflation rebounded in September as the aviation sector made a comeback. At the same time, prices will likely be boosted by rising energy costs. In the past few weeks, energy prices jumped as supply constraints continued. The Japanese yen also weakened after the country published the relatively strong machinery order numbers earlier today.

The GBPUSD pair held steady as investors wait for the latest UK GDP numbers that will come out during the morning session. Data by the Office of National Statistics (ONS) is expected to show that the economy continued to do well in August as the country reopened. Analysts also expect that manufacturing and industrial production rose by 4.1% and 3.1% in August. These numbers will come a day after the ONS published the relatively strong UK jobs numbers. The numbers showed that the country’s employers added about 207k jobs in September, pushing more analysts to price in a rate hike.

US futures wavered in the overnight session as investors waited for the start of the earnings season. Later today, companies like BlackRock, JP Morgan, and Delta Airlines will publish their earnings in the premarket session. They will be followed by other companies like Walgreens Boots Alliance, Bank of America, Wells Fargo, Morgan Stanley, Citi, and U.S Bancorp that will publish their results on Thursday. Analysts expect that these companies will publish strong results. However, they also expect the numbers to show that costs continued to rise.


The GBPUSD price was little changed ahead of the upcoming UK GDP data. It is trading at 1.3582, which was slightly above the lower side of the ascending channel. The pair has moved to the 25-day moving average. It has also formed a bullish flag pattern. Meanwhile, the MACD and the Relative Strength Index (RSI) are at the neutral level. Therefore, the pair will likely rebound later today as bulls target the upper side of the channel.



The EURUSD pair has been forming a bearish flag in the past few days. A bearish flag is usually a sign that an asset’s price will break out lower. This bearish breakout happened on Tuesday evening as traders waited for the upcoming inflation data. The pair crashed to the lowest level this year. Along the way, it moved below the short and longer-term moving averages while the MACD has moved below the neutral level. Therefore, the pair will likely keep falling although a break and retest pattern is also likely to happen.



The USDJPY price continued its bullish trend as it rose to the highest level in more than three years. The pair rose to a high of 113.77, which was substantially higher than this month’s low of 110.80. On the four-hour chart, the pair is above the 25-day and 50-day moving averages while most oscillators have moved to the highest level in months. Therefore, the pair will likely keep rising as bulls target the next key resistance at 114.0.


General Risk Warning for FX & CFD Trading. FX & CFDs are leveraged products. Trading in FX & CFDs related to foreign exchange, commodities, financial indices and other underlying variables, carry a high level of risk and can result in the loss of all of your investment. As such, FX & CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with FX & CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to FX or CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD remains vulnerable near 1.1600 amid firmer dollar

EUR/USD is hovering around 1.1600, on the defensive amid a broadly stronger US dollar. Markets cheer US-Sino talks and stimulus progress despite looming inflation fears. The Fed-ECB monetary policy divergence weighs down on the euro. US Consumer Confidence data awaited.


GBP/USD hovers around 1.3750, Brexit talks in London eyed

GBP/USD is trading above 1.3750, struggling for a clear direction after Monday’s rebound. Market sentiment improves on stimulus hopes, US-Sino talks but the dollar remains firmer. UK’s Frost offers EU December deadline to solve the row over the NI proposal. All eyes on the Brexit talks in London.


Acceptance above 100/200-day SMAs favours XAU/USD bulls

Gold regained positive traction on Monday and inched back closer to multi-week tops. Fresh COVID-19 jitters benefitted the safe-haven metal. A stronger USD, hawkish central bank outlooks kept a lid on any meaningful upside.

Gold News

Traders book profits from Shiba Inu to push Dogecoin to $0.34

Dogecoin price could see some incoming speculative money from profit-taking in Shiba Inu A bullish close above the Cloud on the daily chart indicates future upswing likely. The outperformance of Shiba Inu is likely as Dogecoin lags the majority of the market.

Read more

Conference Board Consumer Confidence October Preview: Watch what we do... Premium

Confidence expected to slip to 108.3 from 109.3 in September. Michigan Consumer Sentiment eroded slightly in October. Sentiment seems divorced from labor market and Retail Sales. Federal Reserve taper will not hinge on a happy US consumer.

Read more