US session: USD/JPY breaks 116

<p>Veterans Day is here and the USD has made significant gains against the yen, breaking the 116 level.  The fall in yen is down to […]</p>

Veterans Day is here and the USD has made significant gains against the yen, breaking the 116 level.  The fall in yen is down to a likely sales tax delay.  Currently trading up 80 points around 115.70, the upward trend is back on track for this pair. Also having a big reaction to this is the EUR/JPY and GBP/JPY, both up over 100 points today.

Most other major pairs have strengthened against the USD and with smaller ranges than a usual trading day with the US holiday.  EUR/USD is currently trading at 1.2420 pretty much flat for the day, with little coming up to inspire it.

GBP/USD is having a better day against the greenback, rallying 25 points now at 1.5865. With no data out today, it seems to be trading between 1.5840 and 1.5880.

Wednesday is a big day for the pound with average earnings, claimant count and the unemployment rate all to be announced.  Average earnings are expected at0.9%; a slight lift here will give the pound a boost in the right direction as this seems to be a concern for the BoE and raising rates.

Carney is due to speak as well about the inflation report, which will be closely watched to gauge a solid timeline for improved data and a rate increase.


Supports  1.2390 1.2360 1.2300    | Resistance 1.2450 1.2485 1.2540



Supports 114.50 114.15 113.50 Resistance 115.20 115.60 116.25



Supports 1.5820 1.5790 1.5740  Resistance 1.5870 1.5900 1.5945



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