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Technical Outlook

  

-USDJPY is in an uptrend with both the EMA running below the price signalling a strong bullish sentiment

-S&P500 Traders does not have a clear picture as in where the price would go as the price is currently above the 200EMA while the crossing blow the 50EMA showing a short-term range condition.

U.S. Nonfarm Payrolls

Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

The previous data was 187k while the forecast was 200k. The report is due Friday, September 1, 18:00 GMT

USDJPY Technical Analysis:

USDJPY is in an uptrend with both the EMA running below the price signalling a strong bullish sentiment. The chart shows a golden cross formation formed with 50EMA crossing above the 200EMA on 5th May 2023.

For some time the price broke down by 4.96% forming a low at $137.974. The price went up from that level forming higher highs and higher lows and breaking above the previous swing high at $144.831. Currently the price has formed a good break and retest pattern. The RSI level is at 63.74 showing overbought condition.

A crucial level $144.831 is acting as a support. As the overall market confluence shows a BUY traders may trade in the same direction.

Pivot Points: USDJPY

  Support  Resistance
S1146.32R1146.41
S2146.26R2146.46
S3146.22R3146.51

U.S. Core PCE Price Index MoM

The Core Personal Consumption Expenditure (PCE) Price Index measures the changes in the price of goods and services purchased by consumers for the purpose of consumption, excluding food and energy. Prices are weighted according to total expenditure per item. It measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

The previous actual data was same as forecasted i.e. 0.2%. The report is due Thursday, August 31, 18:00 GMT.

S&P 500 Technical Analysis:

S&P 500 is in an uptrend. The chart shows a golden cross with 50EMA crossing above the 200EMA showing a strong bullish trend.

The price is moving with the pattern forming higher high and lows. The high is formed at $4603.19 then sliding down going into the bearish phase. The current price is trading between the support and resistance.

The RSI level is at 44.62 showing neutral overbought and oversold condition. Traders does not have a clear picture as in where the price would go as the price is currently above the 200EMA while the crossing blow the 50EMA showing a short-term range condition.

Pivot Points: S&P 500

  Support  Resistance
S14397.68R14422.04
S24381.76R24430.48
S34373.32R34446.40

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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