USD/JPY Open 89.27 High 89.81 Low 88.83 Close 89.19
Dollar/Yen at first traded hesitantly on Friday, than bears took over the race and the currency couple declined down to 88.83, closing the week at 89.19. Today the USD/JPY is moving quietly because of economic data absence. In the appearance of next catalyst events our expectations are for the Yen to continue strengthening against the Dollar. Going bellow Friday's bottom 88.83 may give the Yen further gains towards next target 88.30. Persuasive break above the nearest resistance at 89.81 may strengthen the Dollar further towards the top from last Thursday 91.06. Prices are currently bellow the 50, and just crossed up the 20 EMA, signaling for possible intraday appreciative adjustment, and continuation of the bearish trend in the longer term. The RSI indicator is positive and rising, MACD is slightly rising, while CCI is positive with upward incline on the 1 hour chart. Overall, indicators signal for bullish pressure for the pair.
Technical resistance levels: 89.81 91.06 91.80
Technical support levels: 88.83 88.30 87.39
Already made +33 pips profit on USD/JPY today from the following signal:
6:58 Buy USD/JPY at 89.23 SL 88.97 TP 89.73 exit sent 8:31 GMT.
Total today +193, on Friday +183.
LiteForex – spreads are getting lower// 02-08-2010 Starting February 1, 2010 the LiteForex group of companies announces that spreads on majors are decreased.
Upcoming Interviews// 02-08-2010 Paul Day, Chief Market Analyst, is scheduled for CNBC's Squawk Box Europe on Tuesday 9th February...
Getting Started in Forex// 02-08-2010 An introductory seminar that teaches you common methods for beginners to start trading forex, presented in real time.
Daily Forex Snap-Shots
No Official G7 Communiqué FX markets did not do much in Asia trading, as traders were still shaking off a very bumpy week. Asian regional indexes were unable to follow Wall Street’s late day rally, putting pressure on risk appetite. The AUDUSD rallied to 0.8725, as news of a large Australia-China coal deal provided markets with a temporary risk-on tone. However, the pair rapidly ran into offers around 0.8740 and spent the rest of the session limping back to 0.8645. The EURUSD followed a similar pattern, charging up to 1.3720 before vague EZ-official statements, especially regarding the current sovereign crisis, pushed the pair down to 1.3635. No official communiqué was issued by the G7 from Canada this morning, just reinforcing the fact this group lacks relevance. There were reports that the general consensus was that the ministers supported October’s statement on FX, would be monitoring markets and would provide a coordinated response if necessary. There were also rumors that EU officials have reassured other G7 member that Greece’s problems could be solved internally and no IMF bailout would be needed.
Markets seem to be still digesting Friday’s mixed US labor data. The unemployment rate unexpectedly fell to 9.7% vs. 10.0% exp, while non-farm payrolls declined by -20k vs. 15k exp (December’s number was revised down to -150k from -85k). However, average weekly hours worked, a dependable indicator for new jobs, rose to 33.3 which gave equities a boost and temporarily lessened the pressure on the EUR. The lack of strong data out of the US will just amplify the credit worries in Europe, so we continue to play the USD from the long side.
02-08-2010 Forex Overview The euro fell against the dollar and the yen in Asia on Monday as European authorities at the weekend meeting of financial heads from the Group of Seven failed to offer realistic plans to help Greece out of its debt woes...
02-08-2010 Currencies Poised for Short-Term Correction Although the G7 has come and gone with no official statement on currencies, the USD is barely moved to only slightly lower against all major currencies on the day, with price action classified more as consolidative...
02-05-2010 Forex Overview The Swiss franc fell to multi-month lows against the euro and dollar in Asia Friday as market participants said Switzerland's central bank made a rare and aggressive intervention to curb its currency...
