US$Jpy chopped around either side of 111.00 on Friday but managed to close towards the higher end of the range despite the failure of Congress to pass the US Healthcare bill.
In the short term, the short term charts are still pointing a little higher suggesting that the downside will once again remain supported at 110.50/60 on Monday, but as before, with the dailies pointing lower, selling rallies does appear to be the dominant theme. If we do take out 110.60, and the option related bids ahead of 110.50, there is then little support to be seen until 110.10, which should be strong, below which would find buyers at 109.85/90. Under there, it again becomes pretty thin until around 109.35 and 109.00. On the topside, resistance will again be seen at 111.50/60, ahead of the initial Fibo resistance at 111.75, a break of which could see a run back to 112.00/25 although this seems doubtful today. Selling rallies, with a SL placed above 112.10 seems to be the plan on Monday.
Economic data highlights will include:
M:
T:
W: Retail Sales/Trade (Feb)
T: Foreign Bond/Stocks Investment
F: CPI, Unemployment, Industrial Production, Housing Starts, Construction Orders
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.