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13 Apr 2015

Yen crosses could hinder USD/JPY’s up-move – MP

FXStreet (Barcelona) - Dean Popplewell, Director of Currency Analysis and Research at MarketPulse, argues that bid for JPY crosses might provide some support to the Yen, and hence a test back to 120.00 might be on the cards for USD/JPY.

Key Quotes

“USD/JPY opened a touch lower (¥120.02), but has since subsequently rallied towards ¥120.75, dragged higher mostly by Asian dollar buyers.”

“Market bids still remain solid ahead of ¥120.00, trail down, with light stops mixed in pre-¥120.00.”

“Option interest stranglehold has the pair confined to a tight range ¥120-¥121. However, JPY bid on the crosses should add to the markets appeal of selling USD/JPY strength within that range for the time being.”

“Analysts are looking to AUD/JPY 200-HMA @ 91.56 fueling tech sellers. While Mid-March EUR/JPY low @ 129.91 looks vulnerable. A break with momentum could provide JPY some support and lead the crosses to push USD/JPY to retest ¥120 again.”
Apr 13, 2015

Session Recap: dollar bid across the board

The US dollar is extending its bullish momentum sparked last week following the miserable release of the Chinese trade balance figures, dragging EUR/USD back to visit the low-1.0500s and GBP/USD to the 1.4600 neighbourhood. In the meantime, USD/JPY clinched 4-week tops above 120.80, although deflating to the mid-120.00s afterwards...
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Apr 13, 2015

GBP/USD steadies above 1.46

The GBP/USD pair trades at 1.4606 ahead of the US session, as the sell-off in the EUR/USD pair helps cable restrict losses around 1.46 levels.
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