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Forex: USD/JPY recovers again above 94.00

Following headlines over new BoJ chief election, USD/JPY printed yet another fresh 34-month highs at 94.60 in very early Asia-Pacific trade, up from previous weekly close Friday in the 93.40 area, last at 94.10, settled down around this quote for last 4 hours. Nikkei index rose more than 2% for the day on the news above the 11600 points mark, leading local share markets gains.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators turning back south in positive territory, although the strong upward momentum triggered at the opening should be discarded for a couple hours more. In the 4 hours chart however, the bullish tone has gained momentum, and if price manages to stay above the 94.00 level, chances are of a positive continuation trough this Monday,” the analyst notes.

For Valeria, support levels are seen at: 94.05, 93.80 and 93.30, while resistance levels at: 94.55, 94.90 and 95.20.

Forex Flash: UK downgrade may begin new secular trend in GBP - Westpac

GBP/USD looks like it may target levels below 1.50, while EUR/GBP gains momentum to trade as high as 89/90 - unless a 'shocker' in the Italian elections -, as the Sterling looses the ‘safe haven’ status, says Robert Rennie, currency strategist at Westpac. However, he points that at these levels, "Sterling starts to look very cheap to us and our interest in beginning to buy GBP on crosses will rise." Robert does not discard that the GBP may weaken further, but "since it has slid by some 7% versus the US$ so far this year argues against this being the beginning of a new secular trend" Robert says.
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Forex Flash: GBP/USD, little support until 1.4780 - RBS

Cable has seen early losses in the Asia-Pacific, breaking to fresh 31-month lows at 1.5069, “trading below a region of previous support around 1.5230/1.5350 made over 2010/12,” says FX Trading Strategist at RBS Greg Gibbs, adding: “It closed below this region last week, dropping sharply on the Moodys announcement right near the end of the week’s trading.”
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