OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/JPY at upper 91 area

The USD/JPY went for a big drop yesterday, failing to hold at 94.00 and tumbling more than 300 pips to 90.91 low. A retracement to 92.75 followed but didn't last long, as the Asian session brought the pair back down. At the moment of writing, the market seems tempted at trading at 91.50/92.00 range.

Great demand for the Japanese Yen took place "as it became clear that Italy would have to return to the polls after a deadlock/hung parliament vote count, with the strong anti-austerity vote the key concern", wrote TD Securities analysts, explaining that  Italy is not a ‘program’ country, at risk of default with bailout funds contingent on abiding to a strict austerity program.

"We can only assume at this point that risk has reverted to the downside", wrote Commerzbank analyst Karen Jones, expecting loss of 90.26 to trigger a slide to 88.05, the 38.2% retracement of the same move.

Forex Flash: EUR/USD next support at 1.2998 - Commerzbank

The EUR/USD returned to point of break down from its previous 3 month uptrend and collapsed lower: "We have an initial downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low", wrote analyst Karen Jones, pointing to initial support at 1.3075/3, the 38.2% retracement of the same move has already been reached. Below, there is 1.2998 then 1.2885/76 – the 7th December low and 78.6% retracement. "Near term rebounds should find initial resistance at 1.3180, 1.3260 and that the previous 3 month trendline should now act as resistance at 1.3336/48", she added.
Read more Previous

Forex: AUD/USD in session lows, around 1.0250

The Aussie dollar is facing renewed selling pressure ahead of the European open on Tuesday, dropping to session lows in the region of 1.0240/50...
Read more Next
Start livechat