|Day's Range||0.009 - 0.009|
|52 Week Range||0.0087 - 0.0096|
The US dollar initially pulled back against the Japanese yen during the week but found enough bullish pressure to reach towards the top of the shooting star from the previous week. This is a very bullish sign, and we have a clear breakout point to watch.
The US dollar initially pulled back against the Japanese yen on Friday but found enough support near the 107.50 level to turn around and rally significantly. I think that the 108 level above is major, so paying attention to this market is crucial now.
The Euro chopped around the 1.2350 level during the Thursday’s session using it as a support. The uptrend line underneath should continue to keep this market in the positive momentum and also attract a lot of buyers. It is believed that until this market breaks above the 1.25 level, it will continue to consolidate around the region.
The greenback continued to go back and forth during trading on Thursday, as the 107.50 level should continue to be an area of interest. I believe that if we can break above this level, then we could see a significant move towards the vital 108 level.
Given the USDJPY’s sustained trading above fortnight-old ascending trend-line, the pair is likely to challenge the 107.85-90 horizontal-resistance, which if broken could escalate its recovery towards 108.45 and the 108.90 north-side numbers. If prices keep rising after 108.90, the 109.30 and the 109.80 can offer intermediate halts during its rally to 110.50. In case of the pullback, the 107.15 may become nearby rest for the pair ahead of highlighting the 106.90 TL, breaking which 106.60 & 106.10 shouldn’t be missed if holding short positions. Moreover, the 105.60 and the 105. ...
The pair was extremely choppy during the Wednesday’s session initially rallied towards the 1.2380 level but pulled back later in the day to test the 1.2350 level. This level has been both resistance and support level for the pair and may attract buyers. If it breaks below then it should fall towards the 1.21 level which is its next major support level. …Read MoreGBP/USD
The US dollar initially rallied against the Japanese yen only to pull back towards the 107 level on Wednesday. However, signs of stability are coming back to the market as the Americans take the baton from the Europeans.
Investors should continue to watch the interest rate differential between U.S. Government Bonds and Japanese Government Bonds (JGBs). Dollar traders, particularly against the Yen, have been trying to re-establish the correlation with widening yield differentials this month.
The pair failed to rally above 1.24 level during the Tuesday’s session as it got too resistive to cross over and dropped towards the 1.2350 level. If the market breaks further then the uptrend line underneath will act as a major support line. The British Pound initially rallied during the Tuesday’s session but the area found to be too resistive to go higher and fall back reaching the 1.43 level.
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Gold is highly valued even as inflation data remains muted, but consolidation has been steady. Crude Oil supply numbers will come from the U.S today.
The US dollar has initially fallen during the trading session on Tuesday, reaching down towards the 106.80 level before finding buyers to turn things around. As the Americans are taking over, it’s likely that we are going to see buyers jump into this market and reach towards the 107.50 level above.
The 1.2350 level underneath is a strong support level and short-term pullbacks should be a very good buying opportunity. The AUD has been choppy during the trading session on Monday but looks likely that it will continue to move higher. The 0.78 level is the initial resistance which the market has to get past it and if it clears then the market will move much higher towards the 0.79 and 0.80 level.
The U.S Dollar was weaker in forex on Monday. The Pound continued to be strong and the Euro played a game of catch up.
The US dollar went sideways against the Japanese yen overall during the trading session on Monday, bouncing from the 107 handle. That’s an area that has been supportive in the past, as well as resistive. Beyond that, there is a short-term uptrend line that could keep this market alive as well.
Despite the economic data and the Fed speakers, investors are likely to remain focused on the Trump/Abe meeting on Wednesday and appetite for risk.
Most of the pairs with the JPY, on Friday, created a shooting star on the daily chart. For the past few weeks, JPY was on the back foot and was loosing heavily against major peers. Depreciation of the Yen was supported from both sides: fundamental and technical.
Gold has gained slightly this morning and is approaching important resistance. U.S Crude Oil falls more than 1% and should be watched closely after this weekend’s military action in Syria.
The 1.23 level underneath is a strong support level, just like the general uptrend line below. Once it clears the 1.24 resistance barrier, the market will most certainly move towards the 1.25 level and above.
The early trade suggests today will be a risk-on day which will be supportive for U.S. equity markets and the USD/JPY. The Forex pair could strengthen further if Monday’s earnings reports come out better than expected. However, prices could turn lower swiftly and money could fly into the safe-haven Japanese Yen if conditions continue to heat-up in Syria.
Basically, if risk is on, the USD/JPY should continue to rally. Risk-off will be bearish for the Forex pair. The steeper the break, the more money will flow into the safe-haven Japanese Yen.It’s hard to predict the direction of the stock market ahead of time because stock investors showed a bigger reaction to the trade war scare and Trump’s attack on Amazon than they did to the potential bombing of a sovereign nation.
The impact of the attack on Syria is likely to boost long speculation in gold and crude oil. However, stocks may be unaffected like they were last week when Trump first mentioned the possibility of missile attacks.
The Greenback reached its low of the week on Wednesday in response to upbeat comments from President Xi Jinping of China which seemed to ease tensions over a potential trade war with the U.S. The market was further supported by hawkish minutes from the U.S. Federal Reserve’s March meeting.
Bank shares initially traded higher before falling. However, analysts said the strong results were already priced in.