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Price Is Testing The ResistanceTitle:
Technical analysis of the USD/JPY pair on February 24th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY made yesterday a pullback on the support at 80 and then took up its bullish rallye.
The pair is currently testing the resistance at 80.50.
The pair is still moving above its former bullish slant (black line).
A short term bullish slant is also giving support to the price (purple line).
All indicators are bullish.
We continue to advise long positions as far as 79.84 is support.
The breakout of 80.50 will give a new buy signal and open the way towards 81.
In case of return below 79.84, we will be neutral between this level and 79.50
The breakout of 79.50 will give a sell signal.
See the previous analysis of the USD/JPY pair of February 23th, 2012
USD/JPY Analysis
Title:
Risk Assets Grasp Onto Gain as Economic Data Improve; Europe's Debt Crisis Regress
Risk assets are back on the rally as traders switched on the risk radar in trading Thursday, damping demand for safety, but instead, on higher-yielding assets including stocks, euro and the pound, after German confidence data outperform and flat jobless claims in the U.S came in to spur on the sentiments that are still crippled over Greece's vague outlook.
These cautious sentiments were already tingled early today after the Munich-based IFO institute said that February business confidence in Germany rose to a seven-month high of 109.6 after recording 108.3 in January, fueling hopes that the euro-area economy can rebound from its swelled debt crisis.
Moreover, new applications for unemployment benefits in the U.S were unchanged in the February 18 week, at 351 thousand from the prior week, ...
Title:
Euro Defensive, USD Maneuvering
The common currency is in defense mode, surprisingly holding well so far. After the Euro zone manufacturing and services sectors data showed unexpected contractions this month. The data are mainly watched as an indicator for the coming GDP figures, where another contraction in GDP would be the second in a row, thus the euro zone will be technically in recession.
The pair is struggling to hold gains currently even, trading around the daily open at 1.3233. trading within a short term consolidation period, while the trading range and volatility is getting thinner, hinting a price explosion could be seen soon. Accordingly, the current 100-pips trading range should be watched carefully, among the critical 1.3280 resistance and 1.3180 support. Above 1.3280 we may see an extension to 1.3320 ...
Title:
Technical analysis of the USD/JPY pair on February 22th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY continues its bullish rally and is currently testing the resistance at 0.80 after having taken support on its former bullish slant (black line).
A short term bullish slant is also giving support to the price (purple line).
All indicators are bullish.
We continue to advise long positions as far as 79.37 is support.
The breakout of 80 will give a new buy signal and open the way towards 80.50
In case of return below 79.37, we will be neutral between this level and 79.
The breakout of 79 will give a sell signal.
See the previous analysis of the USD/JPY pair of February 21th, 2012
USD/JPY Analysis
Title:
Dukascopy Morning Forex Overview : 21/02/2012
Fundamental Analysis
EUR
"We’ve set out to wrap up the decision on a new aid program for Greece. I’m confident"
- Wolfgang Schaeuble, German Finance Minister
“We still have a bit of work to do,” German Finance Minister Wolfgang Schaeuble said as he arrived for the meeting of euro area finance chiefs. “We’ve set out to wrap up the decision on a new aid program for Greece. I’m confident.”
USD
"We have the U.S. economy accelerating with the job data and housing data also beginning to look pretty good"
- Peter Garnry, an equity strategist at Saxo Bank A/S
U.S. stocks climbed on Friday. The S&P 500 advanced 0.23%, or 3.19, to 1,361.23. The Dow Jones Industrial Average increased 0.35%, or 45.79 points, to 12,949.87.
GBP
"Upwards price-pressure is likely to be maintained in 2012"
- Miles ...
Title:
Risky Assets Gain Ahead of Finance Ministers Meeting, Oil Jumps
Eyeing today’s euro finance ministers meeting with optimism, risky assets maintained the rebound we have seen by the end of the past week. Markets were backed by an implicit agreement among traders that the bailout could pass today.
Comments from the German finance minister spokeswoman also favored the bullish outlook; she expressed her optimism regarding a final agreement mentioning that the euro-area officials made progress in negotiations and the ministry is optimistic that they will reach a deal today. Meanwhile, the Bundesbank mentioned in its regular monthly report that the german and global growth outlook has brightened noticeably.
China’s central bank cut its reserve requirements ratio last night, trying to boost the lending capacity by an estimated 350-400 billion Yuan, the ...
Title:
Yen falls on risk appetite, euro steadies on Greece
(Reuters) - The dollar hit a 3-1/2 month high versus the yen on Friday as hopes Greece would soon sign a deal for a second bailout boosted appetite for risk, adding to a selloff in the Japanese currency sparked by further monetary easing in Tokyo this week.
The euro sat well above three-week lows hit against the dollar, and riskier currencies were boosted after euro zone officials said on Thursday they were putting the finishing touches to Greece's bailout for approval on Monday.
A confirmed deal would further underpin currencies more sensitive to risk like the Australian dollar.
The yen was the biggest mover on the day, hitting a 6-1/2 month low versus the Australian dollar and a two-month trough against the euro as the Bank of Japan surprised markets this week by boosting its asset ...
Title:
Euro Off Lows After U.S Data, But Remains Vulnerable
Markets continue to grieve; where higher yielders took a brutal hit today, after the latest developments we mentioned in our previous updates regarding the Greek never-ending dilemma. The U.S. macroeconomic data just came to slightly ease the hyper-tensioned markets, at least temporarily. The data showed the PPI measure of inflation inclined to 0.1% however it came below the median estimates of 0.3%. The housing sector showed as slight improvement as 0.70 million new residential buildings began construction, adding 10,000 buildings to the previous numbers and above the 0.68 million estimates. Most importantly, Unemployment claims unexpectedly dropped to 348k from 361k last month.
The EUR/USD off lows after the release, trading around 1.3000 after printing a low at 1.2974. The pair opened ...
Title:
Gold ekes out gain but technical selling weighs
Gold managed to end with a small gain in light volume on Monday, as technical selling and a fizzled euro rally offset bullion's initial gains after Greece's parliament passed austerity measures needed to secure an international bailout package.
Gold, euro and U.S. equities broadly rose in early sessions hopes the Greek deal on strict financial reforms would be enough to secure critical funds to avert a default that could spread to other euro zone economies.
The metal's rally began to fade when it failed to rise above the previous session's high above $1,730 an ounce. Last week, gold encountered heavy technical selling around $1,750 an ounce, the highs set in early December.
"Gold is currently testing its upward trendline. Until it rises above the middle of its bullish double-bottom ...
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