Karen Jones, analyst at Commerzbank, suggests that USD/JPY continues to consolidate below the 200 day ma at 109.06 and they would allow for this to hold the initial test.

Key Quotes

“The up move has lost some steam and further consolidation is likely. Beyond this the market remains well placed to try the topside once more. Above the market lie the 55 and 200 week moving averages at 109.75/110.12 and the 2015-2019 downtrend at 110.98.”

“Dips will find initial support at the 20 day ma at 107.96 ahead of the 106.48 October low.”

“Failure at 106.47 will target 106.00, then 105.32/78.6% retracement which is the last defence for the 104.46 August low.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD holds up above 1.10 amid trade hopes, amid upbeat ZEW data

EUR/USD is trading above 1.10, holding up. The US will probably refrain from slapping tariffs on European cars. The German ZEW Economic Sentiment beat expectations with -2.1.

EUR/USD News

GBP/USD slides toward 1.28 as Farage rejects further concessions, mixed jobs figures

GBP/USD is trading closer to 1.28 after Brexit Party leader Farage refused to further help Conservatives by withdrawing more candidates. Jobs figures showed slower wage growth but a drop in unemployment. 

GBP/USD News

USD/JPY: Recovering within range ahead of Trump’s words

Japan’s Machinery Tool Orders collapsed in October, according to preliminary estimates. US President Trump is due to deliver a speech, may refer to the US-China trade deal. USD/JPY neutral for the week at around 109.20, downside potential well limited.

USD/JPY News

Gold hangs near multi-month lows, just above $1450 region

Gold remained depressed through the early European session on Tuesday and is currently placed near three-month lows, around the $1450 region.

Gold News

UK Jobs Outlook: Win-win situation for GBP/USD amid BOE forecasts, Farage

The jobless rate stood at 3.9% as of August – above the low of 3.8% seen earlier this year – but an excellent figure that is of envy to other countries. Economists expect the same result to be repeated in September. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures