Crosses not backing off….
EURJPY, GBPJPY hanging at the highs consolidating with shallow retracements. Stocks up 82.
GBPJPY testing key resistance levels at 233.18 and 233.27
A break of 233.27 bid should trigger stops.
The dollar remains bid today…
The GM strike resolution gives some relief to the dollar. GBPUSD gets below the 2.0170 level but USDJPY the best performer.
GBPJPY has trendline resistance at 233.29 bid. A move above this level will target 233.89.
USDJPY has had a bid all day but slowing momentum
There are some indications that USDJPY may be slowing its move higher, however, the upside is still favored. The pair got a push this morning when it moved above hourly trendline resistance and the 100 hour MA at 115.18. This will be a key support level for a patient buyer today. At the current level, the market can be characterized as consolidating with an upward bias still.
The stock market is opening up around 65 points, with Nasdaq up 12 adn S and P up 6.63. A move higher should lead to more buying of USDJPY and the crosses.
GBPJPY slowing its move higher as well but needs to get below 232.68 level to change the short term intraday momemtum. If it breaks below that level, would target 232.35.
EURJPY trading higher again today. The currency pair is bid after a few days of consolidation. A move below 162.43 would be needed to change the sentiment to neutral for the short term intraday.
GBPUSD moves above hourly trendline resistance
The hourly trendline resistance comes in at 2.0185. Last nights closing level was 2.0184. Getting above this level will be needed to move higher. Target would be 2.0214, the high last night. Support at 2.0170 now.
Durable goods -4.9% and -1.8 worse than expected
Durable goods -4.9% and -1.8 worse than expected.
GBPUSD squeezes above resistance at 2.0169. Stops triggered
GBPUSD squeezed above 21 hour resistance at 2.0169 and stops triggered to 2.0175-76.
Saudi Arabia says continue to peg currency to the USD
There was speculation earlier today that the Saudi Arabian Monetary Authority (SAMA) would announce the peg to the USD was to be dropped. However, the recent comments from the central bank confirm the Riyal will remain linked to the US unit, with no change in FX policy. This gave the dollar some support.
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