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Forex: EUR/JPY biggest single day rally on record above 125.30

FXstreet.com (Barcelona) - EUR/JPY is last a 125.25, fresh 3-week highs, a +4.85% higher from yesterday's Asia-Pacific open, mostly on the back of Yen weakness, though also helped on some Euro strength, following both central bank meetings yesterday from BoJ and ECB. The single day advance in the cross must be probably the biggest on record.

“The hourly chart shows technical indicators correcting from extreme overbought levels, although price remains steady near the highs, suggesting not much selling interest around and scope for further advances,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In bigger time frames, the outlook is also positive and the risk that NFP represented for JPY has now diminished: crosses seem poised to continue advancing despite any possible yen spike tomorrow,” she concludes.

Valeria spots support levels at: 124.00, 123.60 and 123.10, while resistance levels at: 124.80, 125.50 and 125.70.

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Despite the fact commodity currencies over all have been doing pretty poorly recently, AUD has been doing it even worse than Kiwi, and thus AUD/NZD is lower for the week, last at 1.2385 bids, just 6 pips off recent fresh weekly lows at 1.2379, as AUD/USD also prints fresh session lows at 1.0412, while NZD/USD keeps firmer above the 0.84 handle.
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Forex Flash: USD/JPY conservative target at 110 by year end – RBS

With it's biggest single day rally in USD/JPY pair since year 2008, last at fresh 3.5-year highs 97.10, “I anticipate that JPY will continue to weaken against all currencies on a trend basis,” says Greg Gibbs, FX Trading Strategist at RBS, who is “now thinking 110 by year end is a conservative target,” the analyst suggests.
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