FxWirePro: NZD/USD retains bearish bias, upbeat New Zealand trade surplus data fails to impress Kiwi bulls
FxWirePro: USD/JPY breaks above 200W MA, hits new 8-month high, jump till 111.70 likely
USD/JPY hit a new eight-month high above 110 handle at 110.29, bias remains bullish.
The pair has ended consolidation and has entered into a bullish phase, jump till 111.70 likely.
Positive market mood after upbeat Chinese data weighs on the Japanese Yen, supporting USD/JPY higher.
The Chinese economy grew by 6% annualized in Q4 2019. Industrial output increased by 6.9% yearly, beating forecasts.
Technical indicators have turned bullish. Major and minor trend now are biased higher. Breakout above 200W MA supports further gains.
Focus now on the University of Michigan preliminary Consumer Sentiment Index for January which is expected to remain upbeat.
Next bull target lies at 111.65 (Triangle Top) ahead of 112.30 (50% Fib). Failure to hold above 200W MA likely to see sideways grind.