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Trading ideas for USD/JPY, NZD/USD and WTI

December 22, 2021

USD/JPY: The USD/JPY pair shows the bearish dynamic while bouncing off the daily low to keep the 114.00 level on the chart during early Wednesday’s Asian session. In doing so, the yen pair indicates the buyers’ fears following the heaviest daily gains in over two weeks. The pullback moves could also happen due to the retreat in the US 10-year Treasury yields and stock futures and mixed updates from the Bank of Japan. While discussing the impacts of the weaker yen on the economy, a few policymakers of the Bank of Japan backed ultra-easy measures, noting that the inflation didn’t even reach the 2.0% target. Moving on, GDP, US data for the third quarter, Core Personal Consumption data and Chicago Fed National Activity Index as well as the Home Sales will determine the short-term USD/JPY moves. Above all, December Consumer Confidence data will be especially important.

BUY STOP 114.30/TP 115.20/SL 113.90


NZD/USD: Kiwi pair is trading around 0.6770 level on Wednesday morning after an upside a day earlier. The NZD/USD pair rose the most among the G10 currencies, showing the biggest daily gains in the last two months, before the recent sideways moves. Receding concerns about the Omicron variant could be linked to the latest market optimism amid a quiet economic calendar. Despite this, Omicron updates will be significantly important to watch before the US market opens, as well as the US Q3 GDP and all data mentioned before could entertain the markets.

SELL 0.6760/TP 0.6500/SL 0.6790


WTI: WTI oil has been trying to break the monthly resistance level after rising the most in over two weeks yesterday. It’s worth noting that oil benchmark was trading bullish to $71.60 during early Wednesday’s session in Asia. The black gold benefited from the market optimism to overcome the virus woes. However, the positive data of weekly industry inventory report released by the American Petroleum Institute couldn’t provide enough support to buyers despite marking a surprise draw in the output. Looking forward, the official oil inventory data from the US Energy Information Administration will be of importance for commodity traders.

SELL LIMIT 72.50/TP 69.50/SL 73.15