OctaFX | OctaFX Forex Broker
Open trading account

Forex: USD/JPY extending its correction, around 93.50

The Japanese yen is resuming is appreciation against its American counterpart on Tuesday, dragging the cross from overnight highs in the boundaries of 94.00 to session lows in the proximity of 93.35, just to recover some ground afterwards to the current area of 93.50

“The yen is slightly stronger on uncertainty about whether purchases of foreign assets still exists as an option in Japan's monetary policy. We still look for a weaker yen, although the bigger move is likely behind us”, commented Senior Analyst S.Roed-Frederiksen at Danske Bank in the wake of the BoJ minutes released earlier today.

At the moment, the cross is losing 0.51% at 93.47 with the next support at 93.32 (Tenkan-Sen line) ahead of the psychological level at 93.00 en route to 92.22 (low Feb.15).
On the upside, a break above 93.96 (high Feb.19) would open the door to 94.22 (high Feb.18) and then 94.41 (high Feb.12).

Forex Flash: In search of market stimuli – Deutsche Bank

According to the Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “With the US markets closed for President's Day and no major economic releases in the last 24 hours, the focus has remained squarely on the yen, which has had yet another volatile overnight session.” Indeed, the yen rallied higher against the American dollar in early Asian trading after a number of comments from Japan's finance minister Taro Aso. Aso told a news conference that there are no intentions of buying foreign bonds, a day after Prime Minister Abe said such a policy could be an option for future easing.
Read more Previous

European markets cheer positive ZEW survey

The German DAX 30 (+0.82%), the French CAC 40 (+1.00%), the Italian FTSE MIB (+0.72%) and the Spanish IBEX 35 (+0.42%) are edging higher on Tuesday like the rest of the European equity indexes after the ZEW survey reading, quite surprising in February.
Read more Next
Start livechat