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14.09.2020
USD is trading in different directions against JPY in today's Asian session, developing a flat channel that formed at the beginning of the month. The ambiguous macroeconomic statistics from the US on the dynamics of consumer inflation, published at the end of last week, did not provide significant support to USD, while JPY was expecting the publication of new drivers.
The pair may grow.
On the 4-hour chart, the first wave of the higher level 1 of (3) develops, within which the wave iii of 1 formed. Now, a local correction has developed as the fourth wave iv of 1, and the formation of the wave v of 1 started. If the assumption is correct, the pair will grow to the levels of 1.2100–1.2200. In this scenario, critical stop loss level is 1.1753.
At 06:30 (GMT+2), the data on Japanese Industrial Production will be published. It is a major indicator of the strength of the manufacturing sector, reflecting the production volume of factories and mines in Japan. A high reading is considered positive (or "bullish") for the JPY, and a low reading is considered negative (or "bearish"). The indicator is expected to grow by 8.0% in monthly terms and decrease by 16.1% in annual terms.