OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/JPY uptrend reinforced; 125.00 target eyed

EUR/JPY longs was definitely the play of the day on Thursday, after the pair's breakout of 122.20 contentious resistance produced a 230+ pips rally taking the spot near the initial liquidation point from Feb 25 at 124.50.

The rise in the Euro today cements the belief that the pair is back in a well-established uptrend, with the break of a descending trendline coming from 127.75 high reinforcing the vision of more upside potential.

Key resistances going forward coincide with round numbers, with 125.00, Feb 25 high, followed by Feb 15/20 double top just shy of 126.00, next is 127.00, aligning with the two shoulders of a H&S structure from Feb, and finally the year's peak at 127.50.

According to Valeria Bednarik, chief analyst at FXstreet.com: "In bigger time frames, the upside is favored with indicators heading higher in positive territory, with buying interest probably aligned now in the 123.50/60 price zone."

Forex: USD/JPY off fresh 3-year high below 95.00

USD/JPY is currently trading at 94.95, fresh session highs, off weekly highs at 95.10 in early NY trade, highest since Aug 2009. The pair is higher by +1.01% from previous Asia-Pacific open yesterday, and +1.46% for the week, recovering from weekly lows Tuesday at 92.90. Yen is by far the weakest currency among majors, with Nikkei index breaking yesterday above the 12k points mark for first time since Sept 2008, up already +12% since year started.
Read more Previous

Forex: AUD/USD still capped below 1.0290

AUD/USD is last at 1.0269, off NY and daily highs at 1.0290, unable to break above the 1.0300 mark, where market sources reported strong selling interest on Wednesday post Australian GDP, data in line with expected. Aussie ASX index is slightly higher for the day so far above 5100 points mark, up +0.16%, following a +0.18% increase in US SP500 index. Oil gained +0.95% at the NY close.
Read more Next
Start livechat