OctaFX | OctaFX Forex Broker
Open trading account

Forex: USD/JPY jumps to 99.19 and erases daily losses

FXstreet.com (Barcelona) - The USD/JPY printed its lowest price by the end of the European morning, at 98.48, from where it began a rebound movement to erase its daily losses. The 99.00 mark couldn’t resist to the jump seen at 14:00 GMT on pre-market before the NY opening. The pair is already trading at 99.19, yesterday’s close, after the publication of weaker US manufacturing but rising housing prices.

The flash Markit manufacturing PMI in the US fell from 54.6 to 52.0 in April, disappointing market consensus that was pointing to 54.0. Having risen 0.6% in January, the US housing price index rose once again in February, increasing the pace to 0.7%, according to the Office of Federal Reserve Housing Enterprise Oversight. Ahead comes more housing and manufacturing data: new home sales and Richmond Fed manufacturing.

“The USD/JPY currency pair is forming a descending impulse; the market broke the previous ascending channel and right now is forming a descending structure with the target at 95.80”, wrote Roboforex.com analyst Igor Sayadov, pointing to a potential drop to 97.80 today before an eventual test of 98.70,“from below and then start another descending structure towards the target at 95.80”.

Commodities Brief – Precious metals held by key resistances, crude fortified above 88.00

The yellow metal was rebuffed by the 1428 resistance Tuesday, unable to achieve prolonged stability above this key upside mark. Having failed to summit this level, the price has fallen lower, trading negatively during US trading. With a bearish engulfing now present for gold, the price has settled currently at USD $1418.26 per oz. A retest or breach of the 1428 level will ultimately cancel the bearish outlook.
Read more Previous

Forex Flash: Japan incurs largest trade deficit since 1979 – RBS

Japan incurred a JPY 8,169.9bn trade deficit in FY12, the largest deficit for comparable data available since 1979 andsignificantly exceeding the previous year's JPY 4,422bn deficit. According to the RBS Research Team, “Stronger demand for thermal-fired power plant fuel accompanying nuclear plant suspensions since the Great East Japan Earthquake event raised import value, and exports contracted due to weaker demand in Europe from declining growth and setbacks from slower economic activity in China and strained Japan-China political ties.”
Read more Next
Start livechat