The USD/JPY pair fell from its resistance zone on a 30 minute time frame as predicted. However, the price is revisiting this zone once again, and this is the third time the price is coming back to this level. This simply confirms that the bulls are in control, and this resistance may no longer hold anymore and the price may be able to trade through this zone. Moreover, the price is trading above the 50 day (shown in green) but above the 100 day (shown in yellow) moving averages which is a further confirmation of the above argument.
The GBP/USD pair fell from its resistance zone on a 30 minute time frame as predicted. This resistance zone was given in our analysis on the 5th of September. However, the price is trading above its upward trend line which means that the upward trend is still intact. Moreover, the pair is also trading above the 50 day (shown in green) but above 100 day (shown in yellow) moving averages which confirm that the bulls are still in control.
Asian markets closed higher by building up further gains on top of yesterday’s gain. The economic data released in China showed that the country’s industrial and retail sectors have improved by beating the expectations. The improvement in these sectors was not only down to increase in global demand but also soaring demand within the country. The final reading for the industrial and retail production were 10.4% and 13.4% while the expectations were for 9.9% and 13.2%.