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September 11th - Bank of America points out that investors who have heavily bought European and UK government bonds in recent months may be regretting their decisions following a sharp sell-off in the bond market. A survey by the bank shows that although respondents have become more pessimistic about the interest rate outlook, they have increased their holdings of long-duration bonds and maintained these positions since early August. Bond yields have risen sharply as soaring energy prices have exacerbated inflation concerns; this trend has been further amplified by a sell-off in other global bond markets. Strategists, including Ralf Preusser, wrote in a report released Friday: "The divergence between duration exposure to euro and sterling bonds and investor sentiment has reached a record high. Buyers regret is palpable. This helps explain the extent of the sell-off in UK and German government bonds this week as markets repriced expectations of central bank policy, especially given that most investors still believe the ECB will have to reverse policy next year."On September 11th, Goldman Sachs economist Alexandra Wilson-Elizondo stated, "Todays CPI was largely in line with expectations, ostensibly the result investors hoped for, but it does significantly increase the suspense surrounding next weeks interest rate decision. The challenge is that the data doesnt fully reflect some of the recent inflationary pressures, and theres little evidence that inflation is returning to target in the near term. This reports survey period predates the latest round of energy price increases and the spread of commodity gains from energy to sectors like metals and agriculture. Todays inflation data doesnt eliminate the possibility of stronger price pressures in the future. In short, todays in-line data will allow the Fed to retain the option of raising rates, but wont force it to act. Therefore, the market may focus more on Warshs communications, energy prices, labor market data, and what happens next, rather than what was released today."German Chancellor Merz has decided to remain in power and plans to continue pushing forward with reforms in Germany.The Houthi rebels in Yemen stated that all shipping companies, except for Saudi vessels, can navigate safely.On September 11, the Houthi rebels officially announced that they would launch a large-scale and high-quality military operation against Saudi Arabia.

Price Analysis: EUR/JPY Daily Rising Wedge Targeting 143.00

Daniel Rogers

Nov 23, 2022 16:01

 截屏2022-11-23 上午9.53.21.png

 

The EUR/JPY continues to consolidate within an ascending wedge, after ending Tuesday with tiny losses of 0.04% due to a risk-on sentiment. At the start of the Asian trading session, the EUR/JPY exchange rate is 145.48, representing a slight gain of 0.01%.

 

As noted previously, a rising wedge emerged on the EUR/JPY daily chart, with the bulk of daily lows acting as dynamic support after the 50-day Exponential Moving Average (EMA). In spite of the fact that the cross continues to move steadily, there has been less price action during the past four days. This would suggest that the EUR/JPY exchange rate is stable or that a breakout is near.

 

If the EUR/JPY reaches 146.00, it could accelerate a rally toward the year-to-date (YTD) highs near 148.40; however, buyers must first overcome crucial resistance levels. The first is the rising wedge top trendline close to 146.50, followed by the 9 November daily high at 147.11. After the psychological 148.00 is reached, the next objective will be 149.00.

 

If the EUR/JPY breaks below the rising wedge, the 50-day exponential moving average (EMA) around 144.12 would provide first support. A breach of this level will expose the 143.00 level, followed by the November 11 swing low of 142.54.

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