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Forex: USD/JPY higher on Friday but risks closing week lower

The USD/JPY recovered the 93.00 steadily as the market entered the Asian session, but the upside was limited to 93.40. A very paused price action followed and only recently some movement is seen, dropping to 93.20 and approaching the opening price of 93.11.

If the USD/JPY closes the week like this, it will be the widest weekly decline (50 pips) of the year, in a market that has been mostly edging higher every week. To retrace weekly losses, the USD/JPY has to return to 93.72.

“The market has recently met its target of 93.32/96 - the 38.2% retracement of the move down from 2007 but has just held sideways, upside pressure is maintained”, wrote Commerzbank analyst Karen Jones. “Overhead we have the 2010 high at 94.99 then the March 2009 spike low at 95.77. The TD resistance is 95.62”, she added.

Forex: AUD/USD retraces ground to 1.0300

The Aussie dollar is threatening the key support at 1.0300 on Friday, after hitting overnight tops above 1.0320 on hawkish testimony by RBA’s G.Stevens before the parliamentary committee...
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Forex Flash: EUR/USD confirms negative bias by closing week below 1.3202 - Commerzbank

Commerzbank analysts will keep a negative bias to EUR/USD although still preferring to see a weekly close below here as added confirmation after the erosion of its 1.3202 7 month uptrend. “We have a downside target to 1.2679/61. This is the 61.8% retracement of the move up from July 2012 and the November 2012 low. Initial support is 1.3075/3, the 38.2% retracement of the same move”, wrote analyst Karen Jones, suggesting near term rebounds to terminate circa 1.3270. “The previous 3 month trendline should now act as resistance at 1.3308 and the outlook will stay negative below 1.3435”, she added.
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