Japanese Yen Pulls Back: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Moves Higher As Traders Focus On China’s Imports Data

USD/JPY gains ground as traders react to the weak imports data from China, which shows that the biggest Asian economy remains under pressure. China’s Imports increased by 0.5% year-over-year in August, compared to analyst forecast of +2%.

In case USD/JPY manages to settle above the 143.50 level, it will head towards the 50 MA at 144.50. A move above the 50 MA will push USD/JPY towards the resistance at 146.00 – 146.50.

EUR/USD Gains Ground As Germany’s Inflation Rate Meets Expectations

EUR/USD is trying to climb above the 1.1050 level as traders react to the final reading of Germany’s inflation report. Inflation Rate declined by 0.1% month-over-month in August, in line with analyst expectations. On a year-over-year basis, Inflation Rate decreased from 2.3% in July to 1.9% in August.

If EUR/USD settles above the 1.1050 level, it will move towards the 50 MA at 1.1070. In case EUR/USD climbs above the 50 MA, it will head towards the significant resistance level at 1.1110 – 1.1135.

AUD/USD Found Support And Attempts To Rebound

AUD/USD made an attempt to settle above the 0.6675 level as traders focused on the better-than-expected Westpac Consumer Confidence Index report. The report showed that Consumer Confidence declined from 85.0 in August to 84.6 in September, compared to analyst forecast of 84. Today, traders also had a chance to take a look at NAB Business Confidence report. The report indicated that Business Confidence declined from 1 in July to -4 in August, compared to analyst consensus of 3.

If AUD/USD manages to settle above the 0.6675 level, it will head towards the resistance at 0.6735 – 0.6750. On the support side, a move below 0.6640 will open the way to the test of the support at 0.6585 – 0.6600.

NZD/USD Gains Ground Amid Rising Demand For Commodity-Related Currencies

NZD/USD gains some ground as traders focus on the continuation of the rebound in precious metals markets, which is bullish for commodity-related currencies.

From the technical point of view, NZD/USD found support in the 0.6125 – 0.6140 range. A move above the 0.6150 level will push NZD/USD towards the 50 MA at 0.6208.

For a look at all of today’s economic events, check out our economic calendar.