DAILY MARKET OUTLOOK Update Time: 30 Jul 2015 08:24 GMT
USD/JPY - 124.17
Although dollar's stronger rebound from Monday's low at 123.01 and then intra-day break of resistance at 124.19 confirms correction from last week's 5-week top at 124.48 has ended there and choppy trading with upside bias remains, above said temporary high would yield resumption of early up-move from 120.42 (July) to towards 125.00/07 which is likely to hold today due to near term overbought condition.
On the downside, below 123.80 (previous resistance, now support) would prolong choppy trading but support at 123.01 should remain intact.
Recommended Content
Editors’ Picks
USD/JPY crashes nearly 450 pips to 155.50 on likely Japanese intervention
Having briefly recaptured 160.00, USD/JPY came under intense selling to test 155.00 on what seems like a Japanese FX intervention underway. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
AUD/USD rallies toward 0.6600 on risk flows, hawkish RBA expectations
AUD/USD extends gains toward 0.6600 in the Asian session on Monday. The Aussie pair is underpinned by increased bets of an RBA rate hike at its May policy meeting after the previous week's hot Australian CPI data. Risk flows also power the pair's upside.
Gold tests critical daily support line, will it defend?
Gold price is seeing a negative start to a new week on Monday, having booked a weekly loss. Gold price bears the brunt of resurgent US Dollar (USD) demand and a risk-on market mood amid Japanese holiday-thinned market conditions.
XRP plunges to $0.50, wipes out recent gains as Ripple community debates ETHgate impact
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
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.