Japanese Yen Likely To Weaken Further

Japanese Yen Likely To Weaken Further

By: James Ansher | Where To Trade | On:21-04-2015 10:03
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Key Highlights

  • Japanese yen traded lower against a basket of currencies including the US dollar, as the yen buyers failed to gain momentum which resulted in a move lower.

  • In Australia, the minutes of the Reserve Bank of Australia meetings were released in which there was nothing new to notice and as a result the AUDUSD was mostly muted during the Asian session.

  • Japanese Leading Economic Index i.e. an important economic indicator comprising of 12 indexes such as account inventory ratios, machinery orders and stock prices will be released by the Cabinet Office for February 2015 and is expected to increase from last reading of 105.3.

  • Japanese Coincident Index, which is a single summary statistic that tracks the current state of the Japanese economy will be released by the Cabinet Office today for February 2015.

  • Today, in the Euro Zone the German Economic Sentiment will be published by the ZEW which is expected to post yet another rise and if it turns out true, then it might help the Euro to gain a few bids.

  • US session is likely to remain quiet, as there is hardly any release lined up.

EURUSD

The Euro managed to climb higher recently against the US dollar, but struggled to clear the 1.0840 resistance area. There was an ascending bullish channel formed on the 4-hour chart of the EURUSD pair, which acted as a catalyst and was breached by sellers. The most important point was the fact that the 200 simple moving average (SMA) – 4H was also broken, which is a bearish sign for EURUSD in the near term. After the break, the pair found buyers around the 38.2% fib retracement level of the last leg from the 1.0517 low to 1.0843 high, and corrected higher. However, the broken support acted as a resistance for EURUSD.

Intraday Support Level – 1.0710

Intraday Resistance Level – 1.0840

  • Overall, as long as the pair is below the 200 SMA 04H) it might continue moving lower.

  • A break above the same could ignite more gains in the short term.

 

If EURUSD moves lower from the current levels, then the 50% fib level can be seen as a major support for the pair.

GBPJPY

There British pound after declining sharply against the Japanese yen this past week found buyers around 175.00. The GBPJPY pair traded back higher, but there was a broken trend line on the 4-hour chart, which stalled the upside. Moreover, the same trend line was coinciding with the 200 simple moving average, which further increased the pressure. However, the downside was also prevented around the 100 SMA (4H). In short, the pair is stuck between 200 and 100 SMA’s. A break on either side might call for moves in the near term.

Intraday Support Level – 177.20

Intraday Resistance Level – 178.60

  • Selling rallies around the 200 SMA (4H) looks like a good option.

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

 

On the downside, the 100 SMA (4H) holds the key for more losses in the short term for GBPJPY.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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