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Forex: USD/JPY extends fall below 98.00 as week ends

FXstreet.com (Barcelona) - The USD/JPY extended its daily fall below the 98.00 handle after the release of US Reuters/Michigan consumer sentiment data, as the economic calendar becomes empty and investors clear out for the weekend. The pair failed again to reach the 100.00 psychological level and it’s at a second corrective movement after the BoJ meeting and its outlook report.

The central bank announced a unanimous vote of to “conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen” in order to double the monetary base in 2 years. The central bank expects +1.4% in FY2014 excluding sales tax and 1.9% in 2015, while 0.7% in 2013. This comes as a big upside move from the previous outlook.

“The USD/JPY currency pair is forming another descending wave. We think, today the price may reach the target of this wave at 97.80 and then start a correction towards the level of 98.70”, wrote Roboforex.com analyst Igor Sayadov, expecting another descending structure with the target at 95.80 later.

Forex: USD/CAD extends weekly drop after US confidence

Following the 20-pip rise to the daily high printed at 1.0214 on the US GDP Q1, the USD/CAD failed to hold above its opening price and is in decline below the 1.0200 psychological level after the US Reuters/Michigan consumer sentiment just released. The cross spiked down to 1.0174 low after the surprising rise from 72.3 to 76.4 in April, beating the market consensus of 73.2.
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Forex: EUR/USD back to the 1.3000 zone

The euro continues to consolidate around the 1.3000 mark versus the greenback, as the US GDP's inspired strength was only temporally and found resistance at the 1.3035 area.
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