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Current Session: Europe
USD/JPY
Daily Forex Technical Report - EUR/JPY Gapped to New Record High, Aussie Tumbled on Inflation Outlook by ActionForex.com
USD/JPY techniocal picture remains bullish both on a daily and weekly basis, but a close above 122.40 61% retracement (from 135.18-101.68) is needed to accelerate the upside, which would give scope for a test of 125.70, the highs from October 2002.
- 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:
US Trading Preview - The greenback kicks off the week in mixed fashion by Forexnews.com
Daily Market Commentary - The dollar rallied against the yen and slipped the European currencies early Monday by Global Forex Trading Ltd.
Daily Forex Outlook - the USD remained unsteady against all other majors by Easy Forex
Charting the Market Movers
EUR USD, Hourly
USD JPY, Hourly
Top Market Movers Preview
UK PPI
| Period | Previous | Consensus | Actual |
| Input (MoM) | 0.1% | N/A | Feb 12, 09:30 GMT |
| Input (YoY) | 2.0% | N/A | Feb 12, 09:30 GMT |
| Output (MoM) | 0.2% | 0.1% | Feb 12, 09:30 GMT |
| Output (YoY) | 2.2% | 1.9% | Feb 12, 09:30 GMT |
- Tony Juste, FX Advisor at FXstreet.com:
"PPI data should give us a confirmation or denial on inflation expectations, as a key measure to gauge the possibility for yet another rate hike by the BoE. Although economy may show starts of a slowdown for the so-tight monetary policy by the central bank, a reading above the expected would just make of the hawks to bow again on inflation pressures and signal for another move up in rates." - FXstreet.com
Top Market Movers Review
G7 Meeting
Morning Report - G7 focus by Westpac Institutional Bank
Price action during Friday's local session saw USD/JPY up around 30 points ahead of the much anticipated G7 meeting as doubts grew as to whether officials would take any action to stem the yen's decline. EUR/USD spent the day sidelined trading a tight 14 point range but later dipped below 1.3000 in offshore trading.
[ Full Story ]- Yen extends losses, shrugs off G7 warning (Reuters)
- US dollar mixed in Sydney morning trade after weekend G7 meeting (AFX News)
- G7 Finance Officials Aim To Curb Carry Trade (Dow Jones)
- G7 MEETING US's Paulson says Omi gives 'favourable' report on Japan economy (AFX News)
Asia Market Update - Further weakness in JPY expected as G7 fails to single out the weak currency by Trade The News
Overnight Briefing: Far East Timezone - G7 by Jyske Bank