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Technical Analysis – EURJPY consolidation

Posted on October 8, 2013 at 10:15 am GMT

EURJPY advanced higher on Tuesday, up from the Asian session low of 131.09 to a high of 131.84 early in the European trade. The pair has since found it hard to break strong resistance level of 131.82, which is the 61.8% Fibonacci retracement level of the move from the September 6 low to the September 19 high. A break above resistance will open the way towards 132.00 and 132.40. However, while the long term trend is bullish, the pair is [..]

Asian Session – Yen slips after Japan’s current account surplus lower than forecast

Posted on October 8, 2013 at 6:42 am GMT

The US dollar rebounded in Tuesday’s Asian session after hitting an eight-month low against the yen on Monday. A rise in Japanese stock markets led to a fall in yen, relieving some pressure on the dollar. There are no new developments in the US budget negotiations in Congress while the government has been shut for seven days. Meanwhile the US debt ceiling is approaching in nine days, putting the US at risk of default. Until a deal is reached, the [..]

US Session – USDJPY falls to 8-week low as US debt ceiling looms

Posted on October 7, 2013 at 8:07 pm GMT

The safe haven currencies like the Japanese yen and Swiss franc were in demand on Monday as markets are nervous over the US budget gridlock which has entered its second week and the US debt ceiling is approaching in 10 days. Trading volumes are relatively low as investors prefer to wait on the sidelines for some solution. The ICE dollar index which measures the USD value against a basket of six major currencies, fell to an eight-month low. The dollar [..]

European Session – Day seven of US government shutdown weighs dollar

Posted on October 7, 2013 at 11:12 am GMT

The United States is a like a nuclear bomb waiting to explode while the US Congress is gridlocked over the extension of the debt ceiling, keeping markets choppy and investors are nervous, dollar is down. The risk of a debt default is just weeks away if Congress fails to raise the debt ceiling and could cause the worst global financial disaster since the Lehman brother collapse that sparked the 2008 global financial crisis. The reason is because more than half [..]

Technical Analysis – USDJPY bearish bias

Posted on October 7, 2013 at 8:50 am GMT

USDJPY holds a bearish bias on Monday. Price action remains below the Ichimoku Cloud. Tenkan-Sen and Kijun-Sen remain negatively aligned. On the 4H Chart: The pair moved lower after the European session opened. The key support level of 97.050 was penetrated, which is the 23.6 Fibonacci level of the move from the September 2012 low to the May 2013 high. Indicators are currently bearish. RSI is declining and approaching bearish territory towards 30. Stochastic is close to 30. Below 97.75 [..]

Asian Session – Yen gains on flight to safety as US budget gridlock continues

Posted on October 7, 2013 at 6:22 am GMT

Flight to safety led to a rise in the Japanese yen in Monday’s Asian session trading, as concerns linger over the ongoing US government shutdown, now into its seventh day. Dollar index hovers at an 8-month low over the US budget standoff. Republican US House Speaker Boehner said over the weekend there is “no way” Republican lawmakers will agree to a measure to raise the debt ceiling unless it includes conditions to rein in deficit spending. The dollar fell against [..]

European Session – Euro and pound off multi-month highs on profit-taking

Posted on October 4, 2013 at 12:58 pm GMT

Currency markets had a quiet day in the absence of key economic data releases or headlines. The all-important US nonfarm payrolls data that was scheduled for today will not be released due to the US government shutdown, leaving most currency pairs directionless. The main theme is dollar weakness since the stalemate in Washington DC continues to weigh on the currency and investors are unwilling to take on risk until there is some sign of a resolution, and with the upcoming [..]

Technical Analysis – EURJPY consolidating, waiting for bullish breakout

Posted on October 4, 2013 at 8:34 am GMT

EURJPY is in an uptrend on the Daily chart. Bullish bias is maintained by price action being above the Ichimoku cloud. The upward momentum is expected to continue in the long term since the Bank of Japan monetary easing policies and “Abenomics” are negative for the yen and will likely being it under pressure. In recent days, EURJPY has been trading sideways but this consolidation will likely resume to an uptrend. An upward break of resistance at 133.50 could see [..]

Asian Session – Yen remains strong after BOJ leaves monetary policy unchanged

Posted on October 4, 2013 at 6:31 am GMT

The Bank of Japan left monetary stimulus unchanged as Japanese Prime Minister Shinzo Abe decided the economy is seeing a moderate recovery and business confidence has surged. The yen remained strong after the announcement, keeping the US dollar under pressure and near August lows. USDJPY traded a range in the Asian session between 97.02 and 97.29 yen. The dollar is headed for a third weekly decline against the yen. For the week, the dollar has dropped 1.2 percent versus the [..]

US Session – Dollar at 19-month low against Swiss Franc on weak ISM data

Posted on October 3, 2013 at 7:53 pm GMT

The dollar weakened further in the US session on Thursday after US data showed growth in the services sector fell in September as the pace of new orders dipped and hiring declined. Along with the disappointing data, investors are concerned that the US shutdown has entered its third day and there does not seem to be any compromise yet in Washington between Democrats and Republicans on the Federal spending bill. The dollar fell to an eight month low against a [..]

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