30 October, 2013
The Yen is looking like its going to run out of time in the next week and the FOMC meeting might be the catalyst to cause this triangle to break. Currently the Yen has been driven by risk aversion after climbing to the dramatic highs of 103.00 to the USD; after markets felt fear after the US delayed tapering, and in more recent weeks a debt buildup in China.
This is set to change though as traders have up their bets on the USD, as they expect the FOMC meeting might be a sign of hawkish comments from the current board. This is seen as unlikely though due to the nature of the FED with its dovish board and the recent economic data.
Current support levels can be found at 97.702, 97.232 and 96.250. These levels will act as hard support levels for the USDJPY pair in the event of a breakout from the triangle. With the 97.702 level and 97.232 being the weakest support levels, and could be a fake breakout unless confirmed by a candle the next day.
The resistance levels are likely to be strong at 98.277, 98.770 and 99.383 with an actual breakout having to close past the 98.770 mark in order to signal a bullish uptrend for traders. No support for a bullish move at this stage can be found in the RSI, as momentum and pressure has tapered off.
Written by Alex Gurr, Currency Analyst at Blackwell Global
I am a keen watcher of the Indexes and also an active trader of them. If you have been following me, you would know that I am quite a fan of the FTSE 100, as I think it's a very easy index to trade as it does not offer a lot of surprises...
When looking at the US Dollar Index (USDX), I was surprised to notice a sudden pullback on Thursday afternoon. It turned out that the markets reacted unfavorably to the news that continuous jobless claims increased to just over 350,000 last week...
The AUDNZD is looking a little more resilient after clawing back its recent losses against the Kiwi dollar over the weekend...
I have been a big fan of trading against the JPY since the autumn period. There are signs ahead for future JPY weakness, such as the inevitability for future QE...
The US dollar is the cornerstone currency on this planet and as such, 80% of global trading activity done in the currency market involves the USD. One of the most interesting and most commonly traded CFDs/indices is the US dollar index...
Gold has witnessed a slight revival so far this month after hitting a three year low in December, when the Federal Reserve somewhat surprised the markets with a QE taper...
The FTSE 100 is a favourite of mine and a great index to trade, and it
Right now, the AUD is weak. Thursday
The New Zealand economy has been one of the stars in 2013 of the global developed economies and in 2014, it looks likely that trend is set to continue...