Japanese Yen Gains Sharply Against Dollar

Japanese Yen Gains Sharply Against Dollar

By: James Ansher | Where To Trade | On:14-04-2015 17:34
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Key Highlights

  • Japanese yen gained sharply against the US dollar after comments made by the Japan PM Adviser Hamada suggested that the yen is a bit weaker around the 120 level igniting a down-move in USDJPY.

  • In New Zealand, the NZIER Business Confidence gauging the business outlook in New Zealand released by the New Zealand Institute of Economic Research registered a reading of 23% in the first quarter of 2015, compared to the last reading of 23%.

  • In the UK, the British Retail Consortium (BRC) Retail Sales Monitor measuring changes in the actual value of retail sales from participating companies with invaluable management information was released, which posted a reading of 3.2% in March 2015, compared to the same month a year ago.

  • Australian National Australia Bank Business Confidence, which is a survey of the current business condition in Australia will be released later today with an expectation of gain from the last reading of 0.

  • UK Consumer Price Index released by the National Statistics will be one of the major risk events for the day, which has the potential to ignite a lot of moves in the GBPUSD pair.

  • In the US, the retail Sales report will be released by the US Census Bureau with forecast of a 1.1% rise.

EURUSD

The Euro dived recently against the US dollar and traded very close to the last major low of 1.0459. The EURUSD pair managed to hold the ground near the 1.0500-10 levels, but before that it cleared an important support trend line on the 4-hour chart of the EURUSD pair. There is a chance of a short-term recovery, which might face hurdle around the 23.6% fib retracement level of the last drop from the 1.1012 high to 1.0517 low. However, the most important swing area can be considered around the broken trend line, which is just below the 200 and 100 simple moving averages (4H) confluence area.

Intraday Support Level – 1.0500

Intraday Resistance Level – 1.0640

  • Overall, as long as the pair is above the recent low it might recover some ground.

  • A break above the same could ignite more losses moving ahead.

If the EURUSD pair fails to correct higher and moves lower, then a break of 1.0500 might take it towards the 1.0450 level.

GBPJPY

The British pound after following a nice bullish trend moved lower against the Japanese yen. There was a critical support trend line formed on the 4-hour chart of the GBPJPY pair, which was breached by sellers. The downside reaction was swift, which took it towards the 175.00 area. It might make an attempt to correct higher, but could face hurdle around the broken trend line.

Intraday Support Level – 175.60

Intraday Resistance Level – 177.00

  • Selling rallies around the broken trend line looks like a good option.

  • A break above the same might call for more gains moving ahead.

If the GBPJPY pair moves lower from the current levels then a retest of the recent low at 175.30 level is likely.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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