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Trading plan for 14/03/2017:
On Tuesday, March 14, there are not many important data releases during the European and American session, but the global investors will keep an eye on the Producer Price Index data from the US at 12:30 pm GMT.
USD/JPY analysis for 14/03/2017:
The PPI measures changes in the selling prices producers charge for goods and services, and well as tracks how prices feed through the production process. Besides, it is considered as a leading indicator for inflation. For today, market participants expect a slight decrease in monthly data from 0.6% to 01%, and a slight increase in a yearly data from 1.6% to 1.9% at the same time. This might signal an increase in inflationary pressures and it will be considered by the Fed's policymakers as another clue to justify the interest rate hike tomorrow.
Let's now take a look at the USD/JPY technical picture on the H4 time frame. The golden trend line still provides the support, but the market is trading in overbought conditions now. Moreover, in order to secure the bullish bias, the bull camp must break out of the gray rectangle zone in an impulsive fashion and head towards the next technical resistance at the level of 116.85. Otherwise, the golden trend line might get violated and the support at the level of 114.48 will be broken as the price will head towards the level of 113.55.
Market snapshot - GBP/USD reverses below the 78% Fibo again.
The GBP/USD pair is trading at the level of 1.2130 after the failure at the level of 1.2250 yesterday. The possible economic event that is behind this sharp removal might be the Article 50 negotiations in the British Parliament. In a case of another sell-off, the next support is seen at the level of 1.1985.
Market snapshot - AUD/USD tries to recover after 38% Fibo was hit
The Australian currency has been dropping since February 23 and it recently found the support at the level of 0.7490. Since then, the market is in the corrective mode ahead of the Fed's interest rate decision and the Reserve Bank of Australia's interest rate decision. The market is trading below the golden trend line (key resistance to the upside) in slightly overbought conditions. The next technical resistance is seen at the level of 0.7633, but the bias remains bearish.
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