Forex News


EUR/JPY rejected at 5-DMA, drops sharply towards 123

08:23 23 May /2016 Forex

The EUR/JPY cross is seen in the red ahead of the European open, with the weakness mainly attributed to broad yen strength in response to the G7 Summit held over the weekend.

EUR/JPY: heading towards daily lows

The EUR/JPY pair now drops -0.29% to 123.27, unable to sustain the recovery from 123.15, session lows. The cross in the EUR/JPY keeps the offered tone intact and slips back towards 123 handle as the prices meet strong resistance at 5-DMA (123.45) amid persistent broad based US dollar weakness.

Moreover, the yen’s relative strength after the G7 leaders issued strong warning to the Japanese authorities against fx intervention, continues to weigh on the EUR/JPY cross. The week ahead holds a number of significant economic events, including the US GDP figures, Japanese CPI data and Fed Chair Yellen’s speech, which will provide fresh impetus on both the EUR and JPY.

EUR/JPY Levels to consider

The pair has an immediate resistance at 124/124.18 (round number/ May 17 High) and from there to 124.50 (psychological levels). On the flip side, support is seen at 123/122.96 (round number/ May 18 low/) below which it could extend losses to towards 121.88 (May 9 Low).

to other news

all news
EUR/USD extends gains, will it end the three-month losing streak? Omkar Godbole

EUR/USD extended gains to fresh session high of 1.0750 as the unwinding of the Trump trade gathered pace.The spot now trades more than 200 pips above the last month’s closing price of 1.0517. This forces us to consider the possibility of the pair snapping the thre

07:23 23 January /2017 Forex

Asian stocks are on the back foot on Trump’s protectionist agenda

Major Asian indices dropped along with the US dollar as fears about Trump’s protectionist policies forced investors to move out of risky assets and into safe havens - gold, Yen, treasuries. At the time of writing, Japan’s Nikkei index was down 1.11%. Australia’s S&P/ASX 200 was trading 0.75% low

07:00 23 January /2017 Forex

USD/CAD - Doji followed by drop to 100-DMA

The USD/CAD pair is losing height in Asia, now trading just short of the 100-DMA support of 1.3278 following Friday’s Doji candle.USD is on the back footThe drop in the USD/CAD in Asia is due to broad based USD sell-off and not due to oil prices, w

06:46 23 January /2017 Forex