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16 May 2014

USD/JPY died in the middle of tiny range

FXStreet (Moscow) - USD/JPY opened the day at 101.56, reached session low at 101.41swang back to session high at 101.63, and died somewhere in the middle.

It’s all about the yield

Despite the mixture of good and bad data from the US it looks like the market completely ignores the fundamentals, and is focused on 10Y treasuries moves. The US government bonds keep refreshing multi-month lows triggering the flight out of the USD. All of this brought the pair to March lows threatening the uptrend which we have seen from October, 2013. If the 101.30 area is broken it may bring another round of sell-off with initial target at 100.85 support level.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 101.67, with support below at 101.22, 100.85 and 100.40 with resistance above at 102.04, 102.49, and 102.86. Hourly Moving Averages are bearish, with the 200SMA at 101.86 and the daily 20EMA at 102.09. Hourly RSI is bearish at 35.
May 16, 2014

EUR/USD to move closer to 1.3400 - UBS

The UBS analyst team notes that lower Eurozone inflation expectations would led the ECB to cut the main rate to 0.1% next month, adding pressure to the EUR.
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May 16, 2014

Asia EM Express: Sensex, rupee soar as early election results in India point to BJP victory

Market attention will be focused today on the outcome of the Indian elections, as the final results are to be announced in Mumbai at midday. According to the latest reports, the pro-business National Democratic Alliance coalition led by Narendra Modi's Bharatiya Janata Party has already won 328 out of 543 seats.
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