OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/JPY, stops below 127.70 tripped

FXstreet.com (Barcelona) - EUR/JPY is extending to the downside quite aggressively, currently breaking its previous trend high at 127.70 after a two hours of intense selling from 129.21 session high to now challenge a key structural junction on the trend.

In view of Sean Lee, founder at FXWW: "If it breaks 127.70 (happening as we write), we should see more trailing stops going off."

"As a local hedge fund just mentioned to me, once the big players start liquidating positions in one asset class, as they are currently doing in the Gold market, it can often lead to selling in other areas (ie liquidating Yen shorts)" Sean adds.

Looking at near term behaviour of the exchange rate (lowest today at 127.55), there is still room for the pair to fall until faced with 125.55/10 demand, as per the rally-base-rally from April 5 in American hours. On the upside, strong selling activity has been observed away from 128.30/50 box, suggesting that such imbalance must have left yet unfilled sell orders on a potential return.

Forex: EUR/USD dips below 1.3100 on economic slow down fears

EUR/USD is currently down to session lows at 1.3064 from previous weekly close Friday at 1.3112, on the back of a broad USD and Yen bid move. The pair is down -0.32% so far for the session, following a massive sell-of in Gold, Silver and Oil.
Read more Previous

Forex: USD/JPY breaks initial support of 97.95, now down 75 pips at 97.67

The USD/JPY continues to leak lower, breaking initial support near 97.95 (the 9 DMA). The pair has not traded below this key short term moving average since April 4th. Earlier in the session, the pair traded as high as 98.71, but was unable to maintain a bid after China GDP missed expectations and Yen carry trades began to unwind.
Read more Next
Start livechat