OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/JPY retraces yesterday’s losses, 2.0% higher on the day

FXstreet.com (Barcelona) - Following yesterday’s drop from 128.94 to test the 125.00 psychological level, the EUR/JPY retraced those losses back to 128.91 and remains close to that area as the NY session takes place and US data gets released.

Industrial production in the US rose more than expected, by 0.4% in March when analysts were pointing to 0.2% as the consensus prediction. February data was revised higher from 0.7% to 0.8%. Capacity utilization rose from 78.3% (revised from 79.6%) to 78.5% in March, beating consensus of 78.4%.

Earlier, US CPI came in lower than expected, dropping from 2.0% to 1.9% instead of remaining unchanged in March, with a monthly drop of -0.2% instead of 0.0%. US housing starts beat consensus of 0.930M by rising from 0.939M to 1.036M in March, while building permits eased from 0.968M to 0.902M, with consensus at 0.940M.

“In the longer-term, EUR/JPY has moved above its key resistance at 111.60 (31/10/2011 high). Further long-term strength towards the strong resistance at 139.22 (05/06/2009 high) is still likely as long as the support at 118.73 (25/02/2013 low) holds”, wrote MIG Bank analyst Bijoy Kar.

Forex: EUR/USD capped by 100-day SMA

The shared currency pushed higher and printed a fresh 7-week high versus the dollar after data showed US housing starts rose more than expected in March. EUR/USD stretched to a high of 1.3147 but found strong resistance at the 100-day SMA and pulled back.
Read more Previous

Forex: USD/CAD finds support as Draghi speaks

Despite spiking higher in early trading, USD/CAD has declined today, and is currently finding an element of near term support as ECB President Draghi is speaking at the EU Parliament.
Read more Next
Start livechat