USDJPY’s Weekly Bullish Cycle Could Lose Impetus
USDJPY ticked to a fresh 6-month high of 106.73 on Monday, but its weekly bullish cycle seems to be ending as the price is flirting with the topline of the ascending channel.
The flattening RSI and the slowing positive momentum in the MACD also hint that the buying appetite may...
Pro-Cyclical Currencies Rise In Asia
Pro-cyclical currencies, Asian currencies climb
Rebounding commodity prices and vaccine optimism have lifted pro-cyclical and Asian currencies this morning. The dollar index rose 0.83% to 90.83 on Friday, but a quiet day on the majors has seen it edge lower to 90.80 in Asia.
Far more activity is being seen on...
The Analytical Overview Of The Main Currency Pairs
The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2174
Prev Close: 1.2073
% chg. over the last day: -0.83%
Friday saw the pair's largest intraday fall since March last year. The weekly candle closed in the red, forming a bearish engulfing. On the daily chart, the price has returned to...
USD/JPY Reaches Above 106.50
On Monday, the USD/JPY traded above the 106.50 mark, which appeared to be providing support to the rate. In the meantime, it has to be taken into account that the rate was supported on Friday by the 55-hour simple moving average, as it pushed the USD/JPY up.
In the near...
EUR/JPY Breakout Might Occur
The common European currency declined by 81 pips or 0.63% against the Japanese Yen on Friday. The currency pair breached the 50– hour simple moving average at 129.11 during Friday's trading session.
As for the near future, the EUR/JPY exchange rate could continue to edge lower. A breakout through the...
Daily Technical Analysis
EUR/USD
Current level - 1.2083
During the past trading session, the single European currency lost quite a bit of its value against the U.S. dollar and the pair tested the support level at 1.2064. Expectations are for this level to limit the corrective movement and for the bulls to re-enter the...
USDJPY Looking Up
The US dollar is continuing its breakout against the Japanese yen currency, as the pair looks increasingly bullish above the 106.00 level. The weekly time frame shows multiple bullish technical signals, with the 107.65 level a possible upcoming target above the 107.00 level. Traders should expect the strong upside...
Markets Stabilize in Tight Range, Employment and Prices Data in Focus
Commodity currencies and Sterling recover broadly as sentiments in Asian markets stabilized, after mixed economic data. In particular, Nikkei is trading up over 2% at the time of writing, with help from strong PMI manufacturing. On the other hand, Yen turn softer together with Swiss Franc, Dollar and Euro....
Market Morning Briefing: Dollar Index Has Risen
STOCKS
Asian indices are getting a breather on early trades today after having sold-off strongly towards the end of last week. Nikkei has bounced from 29000 and Shanghai is holding above 3500 and is attempting to bounce. The Dow Futures (31156, +242, +0.78%) is also trading higher. This can provide...
Forex and Cryptocurrencies Forecast
First, a review of last week's events:
EUR/USD. As we expected, the speech by the head of the Fed turned out to be quite interesting. Jerome Powell presented to Congress a semi-annual report on monetary policy, from which it followed that not everything is as good as we would like...
CFTC Commitments of Traders – Risky Currencies Pulled Back on Profit-Taking
As suggested in the CFTC Commitments of Traders report in the week ended February 23, NET SHORT of USD Index futures dropped -436 contracts to 13 851. Speculative long positions added +1 750 contracts while shorts were up 1 314 contracts. Concerning European currencies, NET LENGTH in EUR futures...
USD/JPY Trades Above 106.20
On Thursday, the USD/JPY currency pair exceeded the weekly R1 located at 106.17.
It is likely that now the pair could gain support from the given pivot point and the 55-hour SMA near 106.01. Thus, some upside potential could prevail in the market within the following trading session.
Meanwhile, note that...
EUR/JPY Decline Likely To Continue
During the first half of yesterday's trading session, the common European currency surged by 98 pips or 0.76% against the Japanese Yen. However, the currency pair erased the earlier gains by the end of the session.
The exchange rate is likely to continue to edge lower during the following trading...
GBPJPY Puts Rally In Jeopardy After Nearly 3-Year High
GBPJPY propelled exponentially following the break above the bullish channel, but its ascent looks to be in jeopardy now after the peak at an almost three-year high of 150.42 on Thursday.
Notably, the price is set to close below the red Tenkan-sen line at 148.36, which has been a strong...
Daily Technical Analysis
EUR/USD
Current level - 1.2157
The rally of the EUR/USD pair lost momentum after the unsuccessful test of the resistance level at 1.2222 coming from the higher time frames. During the early hours of today’s trading, the EUR continues to lose ground against the USD and the pair is currently trading...
Yen Spikes Against The US Dollar After Strong Japan Data
The New Zealand dollar declined slightly after the latest trade numbers from the country. According to the statistics bureau, the country exported goods worth more than N$4.19 billion in January. This was relatively lower than the December exports of N$5.38 billion. In the same period, its imports declined from...
Elliott Wave View: AUD/JPY Looking For 3 Waves Pullback
Short term Elliott Wave View in AUDJPY suggests cycle from January 28 low has ended with wave 1 at 84.95. The rally from January 28 low unfolded as a 5 waves impulse where wave ((i)) ended at 80.647 and pullback in wave ((ii)) ended at 79.52. Index resumed higher...
Market Morning Briefing: Dollar-Yen Has Dipped Slightly From 106.40/43 Levels
STOCKS
Equities seem to be coming under pressure. The resistance at 32000 on the Dow is holding well and a fall below 32000 can give an early sign of a reversal. DAX is struggling to breach 14000 decisively and looks vulnerable to break 13800 and fall to 13400-13200 from here...
USD/JPY Signaling Upside Continuation Above 106.00
Key Highlights
USD/JPY broke the 105.00 and 105.50 resistance levels.
There was a break above a crucial declining channel with resistance at 104.35 on the daily chart.
EUR/USD spiked above 1.2200 before correcting lower, GBP/USD retested 1.4000.
The US GDP grew 4.1% in Q4 2021 (Prelim), up from 4%.
USD/JPY...
CHF/JPY 4H Chart: Breakout Occurs
The Swiss Franc has declined by 2.18% against the Japanese Yen since last week's trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern at 117.19 on February 23.
Given that a breakout has occurred, the exchange rate is likely to continue to trend lower during...
USD/JPY Tests Pivot Point
Since Wednesday afternoon, the USD/JPY currency pair has been testing the resistance level—the weekly R1 at 106.17.
If the predetermined level holds, it is likely that the exchange rate could reverse south in the nearest future. In this case the rate could decline to the support formed by the 55-,...
The Analytical Overview Of The Main Currency Pairs
The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2149
Prev Close: 1.2164
% chg. over the last day: +0.12%
After the outage of the Fed’s interbank system, the euro regained its position, closing the day with a slight plus. In the absence of important economic news, the pair continues to...
EUR/JPY Breakout Occurs
The common European currency surged by 74 pips or 0.58% against the Japanese Yen on Wednesday. The currency pair breached the upper line of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, bulls are likely to continue to pressure the exchange rate higher during...
Daily Technical Analysis
EUR/USD
Current level - 1.2154
The currency pair is managing to stay above the important support level of 1.2148, which is a bullish signal and the pair is expected to move towards the closest resistance levels at 1.2183 and at 1.2219. In the negative direction, the first support is the already...
Is The Dollar Near A Potential Tipping Point?
Markets
Global markets yesterday again showed sharp swings as investors tried to adapt positions to the developing reflation narrative. European markets took a cautious albeit constructive start. However, trading on US interest rate markets turned very volatile. US yields jumped sharply higher with the 10-y and the 30-y setting new...
USDJPY 106.30 Now Key
The US dollar is rising against the Japanese yen as traders start to sell safe-haven currencies and preference riskier asset classes. The USDJPY pair now needs to anchor price above the 106.30 resistance area to cement further gains towards the 107.00 resistance zone. Failure to hold price above the...
Market Morning Briefing: Aussie Has Been Rising Boosted By A Strong Copper
STOCKS
Dow has surged to test 32000 as expected. 32000-32200 will be an important resistance zone to watch now to see if a reversal is happening or not. A break above 32200 will negate our view of seeing a reversal. DAX sustains above 13800 and can consolidate between 13800-14000/14200 for...
Just Like The Good Old Days: Yields, Stocks, Commodities, And USD/JPY All Higher!
Things seem like they are back to normal, regardless of Jay Powell says: Higher stocks, higher yields, higher USD/JPY higher, higher Crude. They all seem to be acting in harmony with one another, just like the old days! With a dovish Powell, one would think the yields and commodities...
Global Yields Catch Up With US Treasuries; Has the Dollar’s Rebound Been Thwarted?
A battle of the yields is underway as the returns on long-dated government bonds recover to pre-pandemic levels, undermining the allure of riskier assets such as stocks. The rally in bond yields is being led by US Treasuries, as the American economy shines the brightest in the Western sphere....
GBPJPY’s Upside Risks Overpower Minor Setback
GBPJPY’s two-month ascent, which has challenged the critical 150.00 psychological hurdle, a near 34-month high, is showing little indication of receding as the commanding upwards picture prevails. The soaring simple moving averages (SMAs) are also defending the positive structure. In spite of the pause in the blue Kijun-sen line,...