Good morning, we can’t start the morning without talking about what happened in the U.S., although the recent data have attempted to show signs of recovery, it’s not a secret that the expectation wasn’t positive, , the U.S. Labor published the monthly unemployment report ,that the unemployment rate rose to a level of 9.7% in August, from -9.4% last month, after slashed another 216 thousand jobs. This is the highest rate of unemployment since 1983 .
Although the economy is not expected to grow this year, not enough to encourage companies to start hiring. Most economists estimate that by early next year the unemployment rate will stand at 10%. “We have a slow recovery process, long and painful”, “The good news is we’ve already begun the recovery, are bad we need a much faster growth to reduce unemployment rates. Recession beginning in December 2007, the economy has cut 6.9 million jobs. Well then let’s start to analyze what we had last week, so we’ll start to understand what we will look for next week.
USD/JPY
Recently I have been following exceptionally after this unusual pair, is certainly influenced by two economies which are very strong in the financial world , so influential that pair perfectly evident.
So we said good data arriving from the U.S., you can see it clearly in the weekly chart, when the Japanese Yen continues to strengthen against the dollar, it happens in a pretty clear trend, especially you can find it in the last 4 weeks, .simply more people believe in The Japanese currency than the American currency , as a long term trader is one of the best pairs to join.
Lets see how it looks over the chart ,and will put some S&R lines to decipher the pair.
| Account | Position | Pips | Profit |
| Mini | 5000 | 524 | 262$ |
| Standard | 25,000 | 524 | 1452.5$ |
| V.I.P | 100,000 | 524 | 5633$ |
Resistances-92.80 – 93.45
Supports-91.95 – 91.65
Fundamentals: We have a few announcements today which will affect the market.Coming from U.K we have the “British Retail Consortium (BRC)”. The previous announcement was 1.0% (23:01 GMT),One more announcement coming in from U.K. Royal Institution of Chartered Surveyors which will be released at the same time.
