Richard Perry
Independent Analyst
USD/JPY
The dollar has spent the past week improving amidst slippage on the yen, in a move that is gradually breaking clear of resistance on Dollar/Yen. However, the shackles are still on, so can the decisive breakout be seen? It is a move that still needs to be viewed with cautious optimism for now. Whilst 109.00 has been cleared on a few occasions now, the market is yet to pull clear of 109.30 with any conviction. Momentum indicators have been building an improved outlook but once more, the RSI is failing around 60 whilst MACD lines are only tentatively higher. There is a sense that the intraday corrective moves are still a chance to buy, so the reaction to this morning’s slip back will be a gauge of the appetite in the market. Thursday’s higher low at 108.65 is subsequently a key marker for the bulls now to build from. Hold 108.65 and the bulls remain in control. The hourly chart does though, once more, reflect a slightly underwhelming positive bias on momentum. The last couple of highs at 109.50 are resistance that are preventing 109.90 and on towards 110.65.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD eases below 1.0900 amid cautious mood
EUR/USD has erased gains to trade on the back foot below 1.0900 early Tuesday. The pair treads water amid a cautious market mood, as traders weigh the US political updates and China slowdown worries. The US Dollar remains subdued, in the absence of top-tier economic data.
GBP/USD drops toward 1.2900 as US Dollar looks to stabilize
GBP/USD is dropping toward 1.2900, lacking firm direction in European trading on Tuesday. The US Dollar looks to stabilize after the early decline, weighing on the pair. Traders await mid-tier US housing data for fresh trading impetus.
Gold's struggle with $2,400 extends amid market caution
Gold price is making another attempt to reclaim $2,400 on a sustained basis, replicating the moves seen during Monday’s Asian trading. Gold price appears to be benefiting from a typical market caution and renewed China’s economic worries and ahead of key US earnings reports.
Bitcoin finds support around the $67,000 level
Bitcoin and Ripple prices are holding steady around their respective weekly and daily support levels, hinting at an imminent rally. Meanwhile, Ethereum is encountering resistance at the $3,530 mark; a decisive close above this level would signal a bullish breakthrough.
Earnings review
While Nvidia’s results are still extremely important for overall sentiment, there is a hope that sales growth and revenues can pick up across a broad range of global markets and sectors.