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Trading ideas for USD/JPY, AUD/USD and S&P 500

January 24, 2022

USD/JPY: USD/JPY kept falling after a short-term recovery and dropped to 113.6 level last week, having reached a new one-week low. Now it’s trading around 113.80, consolidating its weekly losses and moving to the lowest daily close in a month. The combination of temporary risk-on mood in the financial markets and lower Treasury yields placed USD/JPY under pressure last week. It traded above 115.00 for some time on Tuesday and then resumed its decline. If the slide continues, the next key level for USD/JPY is 112.70, the lowest level since November. The negative impact on the US dollar could be weakened if buyers recover the pair above 114.70. The key event this week is the FOMC meeting which is going to be published on Wednesday. The rate hike isn’t expected this week, but a clear sign of a March hike can be given.

SELL 113.85/TP 112.70/SL 114.30


AUD/USD: Aussie has finished the last week close to 0.7175 support level trading above a key long-term uptrend during Friday’s US session, after pulling back from Thursday’s highs in the 0.7270s amid a global risk-off mood. Any push lower may have to wait until next week when more US equity earnings are going to be released as well as the hawkish Fed meeting, which is going to put US equities under further selling pressure. A breakout below the key long-term uptrend would open the door to a test of support in the 0.7150 area and then perhaps a test of the annual lows around 0.7100.

SELL 0.7175/TP 0.7090/SL 0.7210


S&P500: US equity markets kept falling last Friday as downbeat earnings from tech giant Netflix weighed on sentiment and its competitors. Netflix shares dropped over 20% on Friday after the company published significantly worse than expected data about subscribers’ growth in Q1 2022 on Thursday. Investors fear that further negative news like Netflix earnings might cause broader bearish pressure in US equities next week. Apple, Tesla and Microsoft are the largest companies that will be reporting. The Fed meeting on Wednesday will be the most important event, with traders trying to predict the tone of the meeting for signals as to how fast the central bank might hike the rates in the coming years.

SELL 3500/TP 3200/SL 3600