Last Update At 30 Jul 2015 00:00GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
123.78
55 HR EMA
123.68
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
64
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
124.48 - Tue's high
124.19 - Last Thur's high
124.03 - Y'day's high
Support
123.01 - Mon's low
122.92 - Jul 14 low
122.45 - 50% r of 120.42-124.48
. USD/JPY - 123.90... Despite dlr's brief drop to 123.33 on Tue, rebound Chinese stocks prompted yen-selling n dlr later ratcheted high to 123.93 in NY. Price briefly dipped to 123.55 after FOMC statement before rising to 124.03 morning. Dlr briefly dropped to 123.55 after FOMC but only to rise to 124.03.
. Dlr's rally fm 120.42 (Jul low) to 124.48 last week confirms early correction fm Jun's near 13-year peak at 125.86 has ended there n despite fall to 123.01 Mon, y'day's rise to 124.03 suggests the erratic fall fm 124.48 has ended at 123.01 n further consolidation inside 123.01-124.48 broad range wud be seen. As long as 123.33 sup (y'day's low) holds , gain to 124.19 (last Thur's high) is envisaged, abv 124.48 res would encourage for a re-test of 125.86 in Aug, abv would extend LT uptrend fm 2011 record low of 75.32 to 126.78, this is 61.8% proj. of the intermediate upmove fm 115.57 to 125.86 measured fm 120.42. Below 123.01 would risk 122.45 (50% r fm 120.42-124.48)but 121.97 (61.8% r) wud hold.
. Today, we're holding a long position entered y'day at 123.45 for gain twd 124.19 res but profit should be taken ahead of key U.S. GDP later. Only below 123.33 would risk weakness to twd 122.92 but 122.45 should remain intact.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.