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Forex: USD/JPY in fresh highs around 93.20/25

Another bout of Japanese yen weakness is pushing the cross to new intraday highs above the 93.20 level on Tuesday, as risk appetite is creeping back to the markets.

“We expect the currency pair to trade in a 90-100 range over the next three months as Japanese institutional clients lower their hedges and importers keep bidding for dollars on dips… Verbal interventions are also set to keep supporting USDJPY. Prime Minister Abe again repeated his desire for the Bank of Japan to pursue 'bold monetary easing' to achieve its new 2% inflation target 'as soon as possible'”, explained M.Mohi-uddin, Director of FX Strategy at UBS.

At the moment, the cross is advancing 0.86% at 93.18
Next resistance levels line up at 93.65 (high May 13 2010) followed by 93.96 (38.2% of 2007-2011 drop).
On the flip side, a breakdown of 91.62 (low Feb.1) would open the door to 91.15 (MA10d).

European markets up on earnings and EMU PMI

The January EMU PMI Composite rose from 47.2 to 48.6 in January, beating consensus of 48.2. This coupled with upbeat earnings reports in the Eurozone allowed the major indexes to edge higher on Tuesday. The German DAX 30 (+0.30%), the French CAC (+1.00%), the Italian FTSE (+1.24%), and the Spanish IBEX 35 (+1.85%) are performing well, like the Scandinavian indexes and the British FTSE 100 (+0.73%).
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WTI trading at $96.95/bbl

Crude oil’s reversal from a fresh high at 98.22 extended losses through the 96.50 support, only to find a footstep at 95.90, where the basing attempt is evident on a strong recovery above 96.50. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The current action could be seen as corrective, while the 97.00/30 (50% / 61.8% of 98.22/95.90) slide should stay intact, as strong bearish momentum is indicated by yesterday’s long red candle that followed last Friday’s Doji.”
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