EURJPY Daily Outlook 16-09-20 - On Tuesday China extended tariff exemptions on 16 US products for another year at the request of Chinese importers. We found out that the U.S. manufacturing production increased in August.
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New York Manufacturing Index jumps more than expected in September. Canadian Manufacturing sales increased for the third consecutive month but the UK jobless rate rise sounded warning for bigger job losses ahead and New Zealand Consumer confidence hit the lowest level since 2008.
On Wednesday we’ll be eyeing inflation numbers from the UK and Canada, as well as a series of high impact data from the US such as its retail sales and the Fed Interest Rate Decision. We’ll then head into the next day’s Asian session with New Zealand’s GDP growth rate, Australia’s employment report, and Japan’s interest rate decision… so a very busy ahead!
Today I’m looking at the EUR/JPY pair which appears to be in the process of forming a head and shoulder bearish reversal chart pattern after finding resistance at 126.60, but the neckline of this chart pattern and the daily Ichimoku cloud are acting as support. The pair might continue ranging between 124 and 126 before it finally finds a new direction. A break below the Ichimoku cloud would confirm the bearish reversal in the longer time frame.
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