Yen Retreats as Dollar Gains Back

Yen Retreats as Dollar Gains Back

By: Simon Furman | Where To Trade | On:03-04-2015 15:38
Back

Key Highlights

  • Japanese yen traded higher initially this week against the US dollar, but it fell back to trade lower as the US dollar buyers managed to gain back traction in the near term.

  • In the US, the EIA Natural Gas Storage change which is an estimate derived from a computation process that uses both EIA (Energy Information Administration) registered a reading of -18B.

  • Japanese Labor Cash Earnings Indicator representing the average income, before taxes, per regular employee and includes overtime pay and bonuses released by the Ministry of Health, Labour and Welfare will also be released for in February 2015, compared to the same month a year ago.

  • Japanese Services Purchasing Managers Index (PMI) capturing business conditions in the services sector released by Markit Economics posted a reading of 48.4 in March 2015, compared to last reading of 48.5.

  • Chinese HSBC China Services PMI, which is an important indicator based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies released by Markit Economics registered a reading of 52.3 in March, compared to the last reading of 52.

  • Most markets will be closed today due to Good Friday bank holiday, which might cause ranging moves during the European session.

USDJPY

The US dollar gained bids against the Japanese yen recently, but there is a major hurdle on the upside as there is a critical bearish trend line formed on the 4-hour chart of the USDJPY pair. Moreover, the 200 simple moving average is also positioned around the same trend line. The 50% fib retracement level of the last drop from the 121.96 high to 118.27 low is aligned perfectly with the highlighted trend line. So, if the USDJPY pair manages to break above the 200 SMA (4H), then more gains are possible in the near term.

Intraday Support Level – 120.10

Intraday Resistance Level – 119.20

  • Overall, as long as the pair is below the broken trend line it might continue trading lower.

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

If the USDJPY pair moves lower from the current levels, then the swing low of 119.40-20 might come into play in the short term.

EURJPY

The Euro gained traction against the Japanese yen, but failed to break a major bearish trend line on the 4-hour chart of the EURJPY pair. One encouraging point to note is that the pair managed to pierce the 100 simple moving average, which is a positive sign. A break above the 50% fib retracement level of the last drop from the 134.57 high to 126.86 low could take the pair higher in the near term.

Intraday Support Level – 130.80

Intraday Resistance Level – 129.60

  • Selling rallies around the 130.80 level look like a good option.

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

If the EURJPY pair fails to break higher and moves lower, then the 100 SMA might provide support to the pair. A break below could ignited move towards 128.60.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings