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USD/JPY into daily chart fifth wave

FXStreet (Barcelona) - USD/JPY is trading at 106.95, up 0.01% on the day, having posted a daily high at 107.01 and low at 106.91.

USD/JPY has reasserted itself from the lows on the daily chart and is testing the upside in a 5th wave that could be a signal that we are on the way again to revisit the highs of the bullish run that started in late July. However, 1.1000 is currently some way off especially given the fundamental backdrop with the yen benefitting in he softer risk sentiment of late. However, markets have started to stabalise and next week's FOMC will be a key driver for this pair one way or another as we enter the year ending meetings between now and 2015.

The pair today has closed the bullish gap on the charts and is level into Asia with the 107 handle as the focal point. We are light on data until the week starts to play out more so with some key US releases to tide us over until next week’s showdown.

USD/JPY noteworthy levels

Spot is presently trading at 106.96, and next resistance can be seen at 106.96 (Daily Open), 107.01 (Daily High), 107.05 (Weekly High), 107.11 (Hourly 200 SMA) and 107.20 (Daily Classic R1). Support below can be found at 106.91 (Hourly 20 EMA), 106.91 (Daily Low), 106.78 (Yesterday's Low), 106.66 (Daily Classic PP) and 106.60 (Hourly 100 SMA).

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