OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/JPY pulling back the 121.00 handle

EUR/JPY is pulling back last at 121.04 the channel base broken down around the 122 handle following Italian election results, off fresh 1-month lows at 118.73. The bounce comes on the back of mostly Yen weakness, as Euro is still stable around near session and 1-month lows 1.3072 last, knowing now that quite possibly there's need of another voting in Italy before year ends, given highly mixed results, which could difficult forming a government.

In the technical front, Valeria Bednarik, Chief Analyst at Fxstreet.com, notes: “The hourly chart shows extreme oversold levels, yet attempts of recovery found resistance in the 120.40 price zone, and with the pair below the 120.00 mark, I won’t be expecting much gains today, yet on contrary, spikes will likely provide selling opportunities,” she suggests, adding: “The 4 hours chart shows a strongly bearish bias, and a retest of the lows around 118.70 seem likely for today,” the analyst concludes.

Valeria sees support levels at: 119.45, 119.00 and 118.70, while resistance levels at: 120.40, 120.90 and 121.50.

Forex: USD/JPY slams through 92.20 key support

USD/JPY is currently testing the breaking point and key previous support at 92.20, bouncing from fresh Feb lows at 90.84, following the great sell-off the pair suffered when Italian election results started to be released in early NY session. USD/JPY printed a fresh 34-month high in early Asia-Pacific yesterday to start the week off on headlines of the new BoJ head to be elected soon, being most probably candidate Kudora, one of most dovish contenders.
Read more Previous

Forex: AUD/USD off fresh lows at 1.0250

Aussie is currently back above previous weekly lows at 1.0260 printed yesterday, last at 1.0272, off fresh weekly lows at 1.0247, following RBA assistant governor Guy Debelle's comments saying
RBA could cut cash rate to offset high AUD, which added to the selling off in risky assets after divided election results in Italy. The pair is down -0.57% for the week so far, with commodities overall lower as well.
Read more Next
Start livechat