USD/JPY rises above 101.50 The USD/JPY gained momentum and rose in the last hour from 101.35 to 101.53, erasing losses. The USD/JPY gained momentum and rose in the last hour from 101.35 to 101.53, erasing losses. The Japanese currency weakened across the board as stocks in Wall Street turned to the upside. USD/JPY up for the day During the European session bottomed at 101.30, a 2-day low, then managed to stabilized and made a bullish run, approaching daily highs that lie at 101.54. Recent movement pushed the pair above yesterday’s closing price and is now headed toward the third daily gain in a row. Currently trades at 101.51, slightly below the 20-day SMA, that stands around 101.55. Above here the next resistance could be located at 101.80 (july 16 high).GBP/USD: good news already priced in - Scotiabank Camilla Sutton, analyst at Scotiabank commented that GBP weakness that followed BoE minutes highlights how much good news is already priced into GBP and one of the major risk factors for the currency Camilla Sutton, analyst at Scotiabank commented that GBP weakness that followed BoE minutes highlights how much good news is already priced into GBP and one of the major risk factors for the currency Key Quotes “GBP is soft, having broken through support and now trading to a July low. Support from here lies first at the psychological 1.7000 followed by the June 25th low of 1.6953”. “The BoE minutes were the core focus, interpreted as less hawkish than expected by markets but still supporting our core view that the BoE is eager to enter its hiking cycle but that rate increases will prove gradual”. “The market reaction (of GBP weakness) highlights how much good news is already priced into GBP and one of the major risk factors for the currency”. “We hold a Q314 forecast of 1.72 and a Q414 target of 1.70”.USD/JPY trading slightly lower on the day - FXStreet FXStreet Chief Analyst Valeria Bednarik points out that USD/JPY has shown little progress over the last sessions, trading slightly lower on the day, but midrange. FXStreet Chief Analyst Valeria Bednarik points out that USD/JPY has shown little progress over the last sessions, trading slightly lower on the day, but midrange. Key quotes The hourly chart shows price hovering around a bearish 100 SMA while indicators head lower below their midlines, keeping the pressure to the downside. In the 4 hours chart however, indicators present a neutral stance, which should limit slides. Stocks trading higher in Europe and US futures also up, will likely contain the downside, albeit some follow through above 101.60 is required to confirm a bullish move ahead. -----Lucky Trading----- Stay with us on facebook https://facebook/dailypipssignal
Posted on: Wed, 23 Jul 2014 16:11:39 +0000