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Forex: USD/JPY drops to 101.40/44 in uneven trading

FXstreet.com (Barcelona) - The USD/JPY has oscillated mightily, though done so in a continuously negative manner, pointing downward Tuesday. In recent minutes, the cross has dipped another 10 pips, though is still operating above its intraday low at 101.26. In these moments, the pair is holding fast in negative territory at 101.40/44, engaged in choppy trading during the European session.

According to the Technical Analyst Team at ICN.com, “The USD/JPY is biased negatively over four-hour basis despite overall upside trend as shown on graph, indicating possibility of a downside correction before extending general positivity. With stability below its linear regression indicators and bearish bias on momentum indicators, trading below 102.15 keeps the possibility of a downside move valid today.”

At the time of writing, the cross is declining at a staunch rate of -0.42% off its opening - the Mataf.net analyst team posits the next means of support at 101.19, followed by 100.93, and ultimately 100.51. Should the pair rally, a break above 101.87 will initiate short-term resistances for the USD/JPY at 102.29, onto 102.55.

Commodities Brief – Gold declines off highs, bullish jump in the cards for crude?

The yellow metal rally was capped at the 1438 region (intraday high), before experiencing a staunch paring of gains on the day, which dragged prices back to the 1438 level – indeed in these moments the price of gold has now settled at USD $1438.24 per oz. during European trading. This move comes in conjunction with yesterday’s pullback, in which gold had ended the trading session lower yesterday below 1440.00 support level. Holding below 1440.00 suggests further downside pressure within the upcoming session, for a possible retest of the recently recorded lows. Overall, holding with daily closings below 1478.00 keeps the bearish resumption scenario valid.
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