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Forex: USD/JPY closes slightly higher as pair edges back towards 100.00

FXstreet.com (Barcelona) - The USD/JPY closed the session up higher up 15 pips at 99.32. Although Japanese markets will re-open in the coming Asia session, economic data from the region will remain light until later this week. Economic releases out of the US will also be light in the coming session.

According to Val Bedanarik of FXStreet.com, “The USD/JPY holds near the daily high of 99.45 and continues pressuring higher with the hourly chart showing indicators in positive territory, although flat. 100 SMA accelerates higher, still well below current price, around 98.10, and below 200 one, which suggest the upside is not a done deal yet. In bigger time frames, the dominant trend is still clearly bullish, yet unless a strong acceleration higher, there are no signs suggesting further gains ahead.”

The FXStreet.com Trend Index remains in Slightly Bullish set up on the 4 hour chart, while the OB/OS Index reads Overbought. Short term moving averages remain in bullish set up, with price above both the short term 9 and 20 dma’s. Furthermore, the RSI (14) is also in bullish set up, sitting between the 40-80 bullish zone. First resistance sits at the 100.00 level (has capped advances since late March), while first support sits at 98.56 (the 20dma).

Forex Flash: USD/CAD firm support short term at 1.0050 – TDS

With USD/CAD last at 1.0071, near “short-term trend support at 1.0074 on the hourly chart,” Toronto based FX Research Team at TD Securities note, the pair “retains a soft bias, with the near-term trend looking rather choppy just below 1.01,” the analysts add.
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