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Topics
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Current Session: Europe
USD/JPY
Daily Market Commentary - The dollar rallied versus all of the majors, except the euro by Global Forex Trading Ltd.
Dollar/yen rallied to a one-week high of 121.42 before trimming gains on Thursday. The rally should stall here and the bias is on the downside. Initial support is at 121.05 by a 50-pip pivot, which targets 121.55 and 120.55. Below 120.55, the pair then has good support at 119.65 from a 50-pip pivot, which targets 120.15 and 119.15.
- Check out how the currency moved on Live Currency Rates & Charts at FXstreet.com
- Insight on the fundamentals in the Fundamentals section at FXstreet.com
- What's next on the agenda? Take a look at our Economic Events Calendar
- What's going on in the markets? Read our latest Forex news
Other Topics for this Session:
Daily Analysis - Euro strengthened as Trichet signaled interest rate increase by Finotec Group Inc.
Daily Forex Strategy Briefing - EUR/JPY Approaching Record High by CMS Forex
European and US summary - The euro rallies across the board after ECB signaled a possible rate hike in March by Forexnews.com
Charting the Market Movers
EUR USD, Hourly
USD JPY, Hourly
Top Market Movers Preview
UK Trade Balance
| Period | Previous | Consensus | Time |
| December | -7.193B | -6.900B | Feb 9, 09:30 GMT |
Economic Release Alert - UK Visible Trade Balance (British pounds) (DEC) by FXCM
Britain's visible trade balance deficit is to have widened as increased demand for imports are to outweigh exports in December. An appreciated Sterling and lower crude prices have bolstered the demand for cheaper imports to flow into British markets.
[ Full Story ]Top Market Movers Review
ECB and BoE Rate Decisions
| Bank | Previous | Actual |
| ECB | 3.50% | On Hold at 3.50% |
| BoE | 5.25% | On Hold at 5.25% |
Central Banks - ECB and BoE meeting Review by FXstreet.com
As broadly expected ECB as well as the BoE, have both left their interest rate unchanged at 3.50% and 5.25% respectively. However, at the post meeting press conference, Jean-Claude Trichet, indicated that the ECB would raise rates on its March 8th meeting.