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USD/JPY back below 106.00

FXStreet (Edinburgh) - The selling interest is giving no respite to the USD in the epilogue of the NA session, dragging USD/JPY back to re-test sub-106.00 levels.

USD/JPY muted on Beige Book

The Fed’s Beige Book is passing almost unnoticed amongst traders on Wednesday, repeating the tone from last month: Fed banks saw modest to moderate economic growth with wage growth being modest and price pressures subdued. Moving forwards to tomorrow’s docket, there will be no releases in Japan whereas key Industrial Production figures and speeches by Lockhart, Kocherlakota and Bullard are due in the US. Technical Analyst Dmytro Bondar at RBS observed, “I believe the pair will hold 105.52 (maybe even see a bounce from 106.57) with the targets of 109.30 and 112.00 intact”.

USD/JPY significant levels

At the moment the pair is losing 0.99% at 105.99 with the next support at 105.20 (low Oct.15) followed by 105.00 (psychological level) and then 104.87 (low Sep.8). On the upside, a surpass of 107.29 (high Oct.15) would expose 107.32 (high Oct.14) and finally 108.00 (psychological mark).

EUR/USD consolidates the dramas of the upside

EUR/USD is trading at 1.2784, up 1.00% on the day, having posted a daily high at 1.2887 and low at 1.2625.
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EUR: better risk reward else where - Scotiabank

Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the euro failed to react to yesterday’s decision by Fitch to place France on negative outlook and today’s CPI print from Germany was as expected at 0%m/m and 0.8%y/y.
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