Daily Forecast - 01 July 2015
USDJPY Spot
USDJPY holding above 122.35 allows a move towards first resistance at 122.85. If we continue higher look for stronger resistance at 123.25/35. Sell here, stop 122.50. Target1 @122.90 (trail stop to entry), Trgt2 @122.65. A break above 123.45 however is a positive signal & targets 123.85/90. Any further gains this week meet strong resistance at 124.20/30 for a selling opportunity.
Failure to hold first support at 122.35 risks a retest of this week's low of 122.10/121.92. Be ready to sell a break below to target excellent support at 121.60/55. Buy here, stop 121.25. Target1 @121.95 (trail stop to entry), Trgt2 @122.35 then 122.75. A break below 121.45 however risks a slide to March highs & 100 day moving average support at 120.90/85.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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.