Forex Market
USD/JPY Analysis
Friday’s risk on recovery post US jobs data, which had seen dollar-yen dip to Y87.60 on the initial react (prompted by softer US yields) before rallying back to Y88.37,
Daily Market Technicals
EUR/USD: Bears Target Break Below Jul 24 Support Line At $1.2964. The pair fades from the former May 1 trendline after retesting this as resistance following the double-top reversal pattern.
GBP/USD Analysis
Closed in NY Friday at $1.6069, off post US jobs data recovery highs of $1.6081. Rate retained a firm tone into early Asia on Friday’s post jobs data risk on tone moving across to influence the early Asian market.
EUR/USD Analysis
Closed in NY Friday at $1.3069, off its recovery highs of $1.3090, seen after the release of US jobs data saw pressure resume versus the dollar via softer yields.
Asian Currencies Technicals
AUD/USD: Overall Focus Remains Lower For Now. The pair currently remains focused on retests of the key $1.0290-00 support region.
USD/JPY Analysis
The pair is likely to trade with a firm undertone today in Asia thanks to improved confidence in the U.S. economy and lingering speculation that the Fed may explore the exit from the current easing policy at an earlier than expected timing.
Mid-Day FX Market Analysis
EUR – Short covering in early Asia briefly lifted to $1.3054 before fresh selling emerged and pressed lower. Stop-losses were flushed through $1.3040 and $1.3030 to print lows of $1.3019,
Technical Alert
Euro weakness and dollar strength accross the board yesterday. The market is probably a bit stretched in the very short term hence a day of (at least until NFP) congestion and consolidation likely.
Daily Market Technicals
EUR/USD: Double-Top Pattern Confirmed As Studies Remain Bearish. The double-top pattern is confirmed as Euro-dollar slides and closes below the 38.2% and former May 1 trendline,
USD/JPY Analysis
Dollar-yen was given a boost in US afternoon trade on release of slightly hawkish FOMC minutes. The rate spiked to highs of Y87.35, before meeting resistance from the 2 Jan high and later eased to Y87.20.
EUR/USD Analysis
The release of hawkish FOMC minutes where several members suggested the idea of cutting QE or halting it before year-end added weight to the currency pair.
Asian Currencies Technicals
AUD/JPY: Dips To Test The 21-DMA. After making minor fresh highs for the week overnight the AUD/USD has ended the session looking a little soft,