Forex USD/JPY consolidating
Seems like the USD/JPY is consolidating before the next big move.
If we see Usd/Yen break out on the top 107.80-108.00 we might see it trade higher targeting 110-111 lvl. If it breaks on the down side we have a chance of seeing 100-101. The market is pretty quite waiting for tomorrows numbers.
Forex AUD Manufacturing PMI came out at 49.2
Forex AUD Manufacturing PMI came out at 49.2
Forex AUD Manufacturing PMI
Forex AUD Manufacturing PMI
Forex Tokyo News
Aud Manufacturing PMI has nothing expected and previous it came out at 57.6
Forex and Trading: Stocks stay supported, EURUSD finds a bid
The EURSUD has found a bid as the stock market heads higher taking EURJPY higher with it. However, the pair although higher on the day, is still below the high price for the day at 1.4914.
On the longer term daily chart, the EURUSD has been in a range since October. Today we made a high of 1.4914 which equalled the high from November 27th. The alltime high for the EURUSD still remains at 1.4967.
The interest rate fundamentals suggest that the EURUSD should continue higher. The US is cutting rates and the ECB is holding off. However, you can argue that the Fed is addressing the needs of the US economy while the ECB may fall behind the curve at some point as they focus on inflation. If the economic data out of EURozone start to weaken, the pressure will come on the EUR. Until then, the trend should remain higher.
Forex Trading USDJPY and GBPJPY back to support
The USDJPY and GBPJPY went from one extreme (100 hour Moving average) and are now back at 21 hour moving average support (211.45 and 106.37). Should pause here.
Forex News MBIA positive comments helping markets
MBIA, the large bond insurance company, has been assuring the market as to the health of the company. This has helped the stock market and has provided relief in the risk aversion currencies and currency pairs. USDCHF, USDJPY, GBPJPY, EURJPY and AUDJPY have all benefitted from the relief.
The news may or may not be true. Certainly, things are changing all the time in the housing market and these times are certainly unprecedented for all people involved in the market. As a result, the news that does come out will most likely have short term trading opportunities, but over time, the effects will fade until the next story.
Forex TradingUSDJPY testing 100 hour moving average
The USDJPY is testing the 100 hour moving average as well at 106.76. GBPJPY and USDJPY both at resistance levels.
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