USDJPY Looks To Erase Yesterday's Losses

September 27, 2016

The markets were cautious yesterday with the central bank speeches and the US presidential debate. USDJPY slipped below the 101.00 handle was seen threatening to break down below the 100.00 support level before pulling back modestly higher. Still, the risks in USDJPY remain to the downside, unless there is a breakout above the 104.00 level. The economic calendar is fairly quiet today with US flash services PMI and FOMC Member, Stanley Fischer due to speak later this afternoon.

EURUSD Daily Analysis

EURUSD (1.1243): EURUSD was bullish yesterday closing at 1.1253 and extending the gains for a fourth consecutive day. Price action remains choppy, but the upside momentum in EURUSD remains questionable. Yesterday's price action saw the euro attempting to close above the resistance zone of 1.1251 but was met with strong selling pressure pushing prices below the resistance zone of 1.1251 - 1.1239. The rising wedge pattern remains valid, but a confirmation of the breakout is required for a potential decline in EURUSD back to 1.1200 and 1.1151.

USDJPY Daily Analysis

USDJPY (100.76): The US dollar slipped back to trade around the 100.00yen psychological level, and the currency pair looks bearish. Still, there is scope for a potential pullback to the upside with 102.00 resistance in sight. The large descending triangle pattern remains in play with the support seen at 100.00. A breakdown of the support could spell further strong declines in USDJPY. To the upside, 102.00 resistance is critical as a breakout above this level could see USDJPY potentially post a strong rally towards 104.00 and eventually to 106.00. For now, the price action remains range bound.

EURGBP Daily Analysis

EURGBP (0.8663): EURGBP remains well bid with price action yesterday seen testing early August highs above 0.8700. However, despite the gains, EURGBP closed the day well off the session highs. Support is seen at 0.8600 - 0.8590 followed by 0.8495 - 0.8480. On the 4-hour chart, price action is reversing from the median line and is likely to retest the previous low at 0.86480. A break down below this previous low is essential to ascertain further declines towards 0.8600 - 0.8590.

Publication source
Orbex information  Orbex reviews

October 21, 2016
EUR/USD remained unchanged after the ECB
The price maintained its bearish tone on Thursday. The EUR/USD pair stayed around its recent lows during the day. The euro slightly strengthened towards 1.1000 ahead of the US opening. The 50-EMA limited the euro recovery in the 1 hour chart...
October 21, 2016
Decisions on QE Postponed until December
Asian stock markets are narrowly mixed, with Japanese bourses managing marginal gains as the Yen falls against the Dollar. Stock futures in the U.S. are down...
October 21, 2016
EURUSD at $1.09, but declines could be limited
The ECB monetary policy meeting yesterday saw the euro give up its intraday gains to close on a bearish note. As Draghi signaled that the central bank would need time to assess the monetary policy situation...

OctaFX Rating
FBS Rating
OANDA Rating
Grand Capital Rating
Fort Financial Services Rating
HotForex Rating

Porter Finance Rating
OptionsXO Rating
IQ Option Rating
Empire Option Rating
TropicalTrade Rating
OptionFair Rating