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SunBirdFX Daily Market Analysis : 02/28/2013
USDJPY- this pair also saw a sharp rebound yesterday as the DOWJONES was attempting to make new highs (Still a nice chance of that happening later today). It seems we are in a bit of a rnage now with 92.80 the top and 91.80 the bottom. I suspect a run through of 92.80 will get the bulls further on board for 93 plus. Under 91.80 the Bears will reagin strength. We will stay clear of this pair while it is trading in this range.
EURUSD Presently at 1.3145, marginally firmer from where it closed out in North America. There is talk of month end demand for the pairing which is holding the pair up so far. Buy orders seen clustered at 1.3100/20. Sell orders clustered 1.3160/80, with buy stops through 1.3185.
Should the US indices move higher today (we are trading near 5-6 year highs in the DOWJONES) we can expect further rising in the JPY pairs and probably EURUSD too.