All Articles Tagged - USDJPY

Technical Analysis – USDJPY finds strong support at key Fibo zone

Posted on July 8, 2024 at 2:01 pm GMT

USDJPY hits key Fibo retracement level But momentum indicators still point to weakness A break above 161.35 could pave the way towards 161.65 A slide below 160.35 may invite more bears USDJPY traded higher today after it triggered some buy orders near the 160.35 barrier and the 23.6% Fibonacci retracement level of the short-term uptrend that began back on June 4. That said, although the pair is still trading above the trendline drawn from the low of that day, some [..]

Weekly Technical Outlook – USDJPY, GBPUSD, NZDUSD

Posted on July 8, 2024 at 1:38 pm GMT

USDJPY faces minor injuries after higher US jobless rate; Powell’s testimony next on the agenda GBPUSD surprasses key obstacle as UK gets new government; monthly GDP data on the agenda NZDUSD waits for RBNZ rate decision; bullish outlook above 0.6188-0.6200 Fed chairman to testify on economy –> USDJPY US employment increased at a surprisingly solid pace of 206k on Friday, beating analysts’ forecasts of 190k jobs, but a faster-than-expected rise in the unemployment rate made investors more certain that a rate cut could take place as soon [..]

Week Ahead – Round two of French elections, Powell testimony and US CPI

Posted on July 5, 2024 at 9:44 am GMT

French parties race to block Le Pen’s RN Powell testifies before Senate Banking Committee US CPI data to shake Fed rate cut bets RBNZ to leave OCR untouched, focus on language Euro traders keep gaze locked on French election Traders will be sitting on the edge of their seats on Sunday, in anticipation of Monday’s open and what market impact the second round of the French election will have. The far-right National Rally (RN) led the first round last [..]

Market Comment – Dollar skids on ISM services dip, pound steady as UK votes

Posted on July 4, 2024 at 8:59 am GMT

ISM services PMI points to unexpected contraction in June Treasury yields and dollar take a dive, but Wall Street rallies Pound in bullish mode as UK goes to the polls amid broader risk appetite September rate cut seen more likely Expectations of a September rate cut got another boost on Wednesday after the ISM services PMI fell into contractionary territory, adding to the growing signs of a slowing US economy. The closely watched PMI indicator for the non-manufacturing sector fell [..]

Market Comment – Market craves dovish Fedspeak as US stocks reach new highs

Posted on July 3, 2024 at 8:16 am GMT

US stocks rally after Chairman Powell’s comments Focus on key US data today ahead of Thursday’s bank holiday Dovish ECB commentary to keep euro under pressure Dollar/yen rally continues US stocks rally after Powell’s comments The ECB-dominated forum held in Sintra, Portugal, managed to produce market-moving headlines for the Fed. Chairman Powell’s comment that “we are back in a disinflationary environment” resulted in a strong rally in the US equities. Both the S&P 500 and Nasdaq indices recorded new all-time [..]

Technical Analysis – USDJPY flies to another higher high at 161.92

Posted on July 3, 2024 at 7:03 am GMT

USDJPY continues its ascending move Technical oscillators still ticking up USDJPY is creating higher highs, unlocking a fresh 38-year high of 161.92 earlier in the day. The rebound off 154.50 is still in progress, while the technical oscillators are still heading north. The RSI is developing above its uptrend line in the overbought territory, the MACD is rising above its trigger and zero lines, and the stochastic posted a bullish crossover within its %K and %D lines above the 80 level. More [..]

Technical Analysis – USDJPY still flirts with 38-year high

Posted on July 2, 2024 at 1:19 pm GMT

USDJPY’s bounce off 154.50 still in place MACD and RSI head north But stochastics look overbought USDJPY is retesting the 38-year high of 161.73 earlier today, continuing the rebound off the long-term uptrend line at 154.50. The technical oscillators are standing in their overbought areas. The RSI is still holding above the uptrend line and the MACD is strengthening its positive momentum above its trigger and zero lines. However, the stochastic oscillator posted a bearish crossover within its %K and [..]

Market Comment – Yen’s misery worsens, euro lower after CPI dip, dollar awaits Powell

Posted on July 2, 2024 at 9:06 am GMT

Yen sinks to fresh 38-year low as officials refrain from verbal intervention Euro pares gains after CPI dip and French election uncertainty Dollar edges up on higher yields, but caution ahead of Powell comments Yen languishes at 38-year low The Japanese yen ploughed a fresh 38-year low against its US counterpart on Tuesday, hitting 161.75 per dollar, amid ongoing doubts about the Bank of Japan’s ambition to normalize monetary policy and an unexpected pickup in US yields. There’s been [..]

Yen volatility remains high as equities appear calmer – Volatility Watch

Posted on July 2, 2024 at 6:50 am GMT

Euro/dollar volatility jumps after French elections Volatility in commodities eases, apart from oil Stock indices’ volatility falls ahead of key data releases Euro/dollar volatility has eased over the past week as the market is breathing slightly easier following Sunday’s French elections result. On the flip side, volatility in yen crosses remains extremely high as market participants continue to provoke the BoJ by pushing dollar/yen above the level that led to the end-April intervention. In the meantime, volatility in both gold and silver has eased considerably despite the [..]

Weekly Technical Outlook – EURGBP, USDJPY, USDCAD

Posted on July 1, 2024 at 9:03 am GMT

French elections help euro to recoup some losses Friday’s NFP report is the week’s main driver as USDJPY holds near highs Canadian employment report next in focus with USDCAD in range French and UK elections –> EURGBP The euro experienced an increase on Monday following the initial round of France’s election, which resulted in the far-right party taking the lead, albeit by a smaller margin than anticipated. The far-right National Rally (RN) party, led by Marine Le Pen, emerged as the winner in the initial [..]

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