OctaFX | OctaFX Forex Broker
Open trading account

USD/JPY in bullish consolidation - Commerzbank

FXStreet (London) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has inched higher, but the new high has not been confirmed by the daily RSI

Key Quotes

“We have a 13 count on the daily chart, both of which imply some profit taking. The market is finding some good nearby support circa 108.50/25 and remains under pinned by the 107.21 short term uptrend.”

“We will assume while above here that the market remains well placed for further gains. “

“The market remains capable of gains to the 110.67 August 2008 high. Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity.”

AUD and NZD rally strongly overnight

The Kiwi dollar was the strongest mover of the overnight session, rallying from a low of USD0.7746 to repeatedly find resistance at USD 0.7827. The Aussie dollar also had a strong overnight session, climbing from USD0.8696 to highs at USD0.8767 up o.29 percent on the session.
Read more Previous

USD strength could prevent Fed from hiking rates for a bit longer - RBS

Greg Gibbs, FX Trading Strategist at RBS remarks that the dollar's recent strength suggests any policy tightening by the Fed could bring about a strong market reaction.
Read more Next
Start livechat