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Forex News – Japanese retail sales rose sharply in March ahead of sales tax hike

Posted on April 28, 2014 at 12:26 pm GMT

Retail sales data from Japan showed an increase of 11 percent in March on a year-on-year basis, compared to the same month a year ago. While the figure was in line with forecasts, it was the fastest pace of increase in 17 years, since March 1997. Sales volumes jumped as a result of Japanese consumers increasing their shopping before the April 1st national sales tax hike. Sales figures for April are expected to decline in the immediate aftermath of the [..]

Technical Analysis – USDJPY supported by uptrend line

Posted on April 28, 2014 at 10:19 am GMT

USDJPY is heading back towards the Ichimoku cloud top after falling back into it on April 25 and after testing the uptrend line to rebound from 101.95 to the 103.00 handle today. The cloud top at 102.42 is an important barrier which if breached will open the way to the daily resistance level at 102.71. Upside momentum is gaining as the RSI is rising back towards 50. Important support is found at 102.00. A break below the trendline will see [..]

Technical Analysis – EURJPY trading sideways

Posted on April 28, 2014 at 7:54 am GMT

EURJPY continues to trade sideways and has been stuck in a range between 140.00 and 143.80 for the past two months. Prices have traded above the rising trendline from November 7 so the upward bias remains. RSI is still in bullish territory above 50. Also since March the market has remained for the most part above the Ichimoku cloud, and has been hovering around the cloud top in the past week. Near-term support was held at the bottom of the [..]

Asian Session – Flat market ahead of busy week; caution on Ukraine developments

Posted on April 28, 2014 at 6:27 am GMT

FX markets were trading cautiously ahead of a busy week and as geopolitical concerns because of Ukraine lurked in the background. The euro was trading at 1.3822 against the dollar, down slightly during the session, while the yen was stable, as dollar / yen traded around 102.22, having touched a low of 102.04 earlier in the session. In Japan, the news was that retail sales during March jumped sharply higher to +11% year-on-year, as shoppers rushed to beat the April [..]

European Session – Yen and gold lifted by Ukraine-induced risk aversion

Posted on April 25, 2014 at 1:46 pm GMT

There were limited economic data releases today but escalating tension in Ukraine was keeping risk appetite subdued going into the weekend. The yen was stronger due to safe haven demand, rising to a one-week high against the dollar despite the flat Japanese inflation numbers today. The dollar fell 0.28% versus the yen to trade at 102.06. The dollar/yen pair will be in focus next week due to important releases from the US. The FOMC statement is due on Wednesday while [..]

Technical Analysis – USDJPY bearish in Ichimoku cloud

Posted on April 25, 2014 at 1:01 pm GMT

USDJPY is under pressure after entering back into the Ichimoku cloud on the 4-hour chart and is testing the key 102.00 support level. The pair has retraced 50% of the upleg from 101.31 (April 11 low) to 102.71 (April 22 high). The bearish bias is confirmed by the RSI falling below 50 and prices falling back below the kijun-sen and tenkan-sen lines. Further downside will target the next support level at 101.85 which is the 61.8% Fibonacci level and April [..]

Technical Analysis – GBPUSD neutral

Posted on April 25, 2014 at 10:07 am GMT

GBPUSD has been trading in a range in the past week after a strong rally from 1.6553 on April 4 to a 4-year high of 1.6841 on April 17. The pair is stuck between 1.6761 and 1.6841. These levels are acting as immediate support and resistance levels. The RSI on the daily chart has flattened but remains above 50 in bullish territory. This indicates that momentum has faded although upside potential exists. Prices are trading in the upper half of [..]

Forex News – Week ahead: action-packed with Fed decision, Nonfarm payrolls, UK GDP and Eurozone flash inflation

Posted on April 25, 2014 at 10:07 am GMT

The week ahead will be busy for foreign exchange market participants, despite the 1st of May celebration on Thursday that is honored as a public holiday in many countries around the world. There will be important economic events for the United States, the Eurozone and the United Kingdom that will likely cause significant moves in contrast to the low volatility that has been witnessed before and after the Easter holiday. The week’s most important event will clearly be the Federal [..]

Technical Analysis – EURUSD rangebound,supported by cloud

Posted on April 25, 2014 at 7:50 am GMT

EURUSD has found support from the Ichimoku cloud and has consistently closed above it in the past three days. The pair continues to trade above the key 1.3800 level and as long as it remains above this level the near-term outlook is bullish. The daily RSI is above 50 which is in bullish territory. The market is above the tenkan-sen and kijun-sen lines which is a bullish signal. In the near‐term EURUSD is expected to trade within its recent 1.3671 [..]

Asian Session – Quiet unease as Ukraine tension escalates

Posted on April 25, 2014 at 6:31 am GMT

The escalating tensions in Ukraine and the Japanese inflation figures were the main focus of attention on Friday in an otherwise subdued currency trading session. The situation in Ukraine deteriorated over the past 24 hours as the Kiev government killed 5 pro-Russia militias in clashes near Slaviansk, which is the separatist stronghold in Eastern Ukraine. Russia on its part condemned the use of the Ukrainian military force against the militants and announced it was going ahead with military drills on [..]

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