OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/JPY extends rally and now it's testing 124.00

FXstreet.com (San Francisco) - The Euro is on track to perform its biggest single day rally since November 2008 against the Japanese yen. In the last two hours, the EUR/JPY has rallied more than 200 pips from 121.80 pre-draghi level, to reach the highest price since March 21st.

Currently the EUR/JPY is trading at 123.80, 3.5% positive on the day. Pair is slightly billish according to the FXstreet.com trend index. Indicators such as MACD, CCI and Momentum are bullish while the Stochastic is bearish in the 1-hour chart.

As Adam Button from Forex live said, "Congratulations if you have been long all day, +450 pips since the BOJ decision."

Above the 124.00 level, next resistances are at 124.20/40 area ahead of the 125.00 frontier. On the down side, 126.65, 122.00 and 121.80 are supports.

Commodities Brief – Precious metals fail to move on Central Banks

Gold prices have been the forgotten variable in todays equation, which focused almost exclusively on currency markets. Indeed, the action surrounding the BoJ and ECB have roiled currencies, which have subsequently left the yellow metal trading in a virtual sideways consolidation. Having failed to pare any of this weeks losses, gold prices now remain in negative territory during consecutive days to trade at USD $1548.54 per oz. during US trading. Following Ben Bernanke’s remarks, gold will attempt to stabilize above the 1540 support, as a plunge below this figure could resume the downtrend, which has seemingly yet to show signs of bottoming out.
Read more Previous

Forex: USD/MXN hovering over 12.3200

The Mexican peso is netting a balanced week so far, currently losing some ground against its neighbor the USD after the Consumer Confidence in the Aztec economy eased a tad to 95.5 inn March from 95.4 in the previous month...
Read more Next
Start livechat