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Forex: USD/JPY trading at resistance near 95.54/55

FXstreet.com (Barcelona) - The USD/JPY has surged higher today, recovering from the bout of risk aversion that saturated the markets yesterday. With investors feeling optimistic ahead of the FOMC rate decision, the cross has moved higher (though is off its session highs of 95.66) towards the 95.55/54 region, up +0.43% during US trading.

The Technical Analyst Team at ICN.com isolates the next resistance at 95.50, onto 95.75, and finally the 96.10 level. Conversely, a movement lower will result in the USD/JPY meeting support at 95.00, then the 94.85 barrier, and finally 94.50.

"The USD/JPY rose slightly, but is still stable below its linear regression indicators and below the 95.50 level. On the contrary, prolonged stability above the 94.10 level keeps the possibility of general positivity. As such, we prefer to remain neutral now waiting for confirmations.” note the ICN.com analysts.

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According to TD Securities analysts, the USD/CAD short-term price patterns are potentially USD-bullish, but the USD still has some work to do: “After the rebound from retracement support at 1.0186, the market may be carving out a small Head & Shoulders continuation pattern (1.0282 neckline currently). The upside implications of the formation suggests that new cycle highs might be reachable in the next 1-2 weeks”, wrote analysts Shaun Osborne and Greg Moore, pointing to a flat short-term trend momentum favoring more range trading for the moment. “We still prefer to try and buy dips but a push through resistance in the upper 1.02 zone near term should be USD-positive”, they added, pointing to a key break out point at 1.0278. “Daily and weekly trend momentum signals are still aligned bullishly for the USD, providing some good cover for our broadly bullish bias”, they continued, adding key support at 1.0175/80.
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