Spain Takes Center Stage, Yen Remains Pressured
The Euro edged up against against the US Dollar and other currencies on Thursday ahead of Spanish bond sales scheduled for later today.
The Japanese Yen inched lower in early trading on Thursday. The Yen remains under pressure after the Bank of Japan's Governor stressed the central bank's commitment to further monetary easing.
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News Watch For EURJPY
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There are no High Impact news release scheduled for the EURJPY currency pair today but look out for the German Ifo Business Climate data due out tomorrow morning at 9:00am GMT.
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EURJPY Analysis
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The EURJPY pair stalled for a bit before eventually taking off to the long side but the outlook remains uncertain. Take a look at the chart below:
Click on Image to Enlargen
As you can see, price pulled back for a few bars then formed a new lower high. This is usually a good sign that price is edging upwards.
We're observing the previous high at 107.098 as a potential entry level. Should the current candle close above this level it would present us with an entry to the long side.
Targets for long trades include the resistance area at the 107.650 level.
But, be mindful that we may not get the close above this level and price may stall here before turning downwards. Should this occur we can look for a close below the 106.600 level (or for an aggressive entry, a close below a trendline drawn across the lows) to catch any potential moves down.
A potential target for a sell trade would be the support level at 105.700.
It will be interesting to see how long the bullish trend can be sustained and what effect the events in the Euro Zone will have on this pair so proceed with caution.
All the best!
The Euro edged up against against the US Dollar and other currencies on Thursday ahead of Spanish bond sales scheduled for later today.
The Japanese Yen inched lower in early trading on Thursday. The Yen remains under pressure after the Bank of Japan's Governor stressed the central bank's commitment to further monetary easing.
=====================
News Watch For EURJPY
=====================
There are no High Impact news release scheduled for the EURJPY currency pair today but look out for the German Ifo Business Climate data due out tomorrow morning at 9:00am GMT.
===============
EURJPY Analysis
===============
The EURJPY pair stalled for a bit before eventually taking off to the long side but the outlook remains uncertain. Take a look at the chart below:
Click on Image to Enlargen
As you can see, price pulled back for a few bars then formed a new lower high. This is usually a good sign that price is edging upwards.
We're observing the previous high at 107.098 as a potential entry level. Should the current candle close above this level it would present us with an entry to the long side.
Targets for long trades include the resistance area at the 107.650 level.
But, be mindful that we may not get the close above this level and price may stall here before turning downwards. Should this occur we can look for a close below the 106.600 level (or for an aggressive entry, a close below a trendline drawn across the lows) to catch any potential moves down.
A potential target for a sell trade would be the support level at 105.700.
It will be interesting to see how long the bullish trend can be sustained and what effect the events in the Euro Zone will have on this pair so proceed with caution.
All the best!
We've definitely been seeing some gains with the Cable lately. At the moment we're creating a potential double top on the 4 hour chart and we're very overbought. My system is showing considerable overbought conditions here on the 4 hour chart as well.
Click on Image to Enlargen
On the 1hour chart we've got some bearish divergence once again. The last two days haven't triggered any sell entries however it does look like we may get one. The lower trend line would make an excelent target here.
Click on Image to Enlargen
We've got quite a bit of heavy news today:
1.Unemployment Claims - 8:30am - Usd, high impact.
2.Existing Home Sales - 10:00am - Usd, high impact.
3.Philly Fed Manufacturing Index - 10:00am - Usd, high impact.
4.MPC Member Posen Speaks - 1:00pm - Gbp, medium impact.
5.G20 Meetings - All Day - Medium Impact.
These releases can cause considerable market movement so be careful during these times.
Click on Image to Enlargen
On the 1hour chart we've got some bearish divergence once again. The last two days haven't triggered any sell entries however it does look like we may get one. The lower trend line would make an excelent target here.
Click on Image to Enlargen
We've got quite a bit of heavy news today:
1.Unemployment Claims - 8:30am - Usd, high impact.
2.Existing Home Sales - 10:00am - Usd, high impact.
3.Philly Fed Manufacturing Index - 10:00am - Usd, high impact.
4.MPC Member Posen Speaks - 1:00pm - Gbp, medium impact.
5.G20 Meetings - All Day - Medium Impact.
These releases can cause considerable market movement so be careful during these times.
This morning I am looking at the AUD/USD 1 hour chart. It looks like it's in a good downtrend since the 17th, but usually with a trend, you might get frequent pullbacks. In this case, my system tells me that we might see a pullback of about 40 pips to the Bulls side. Price might reach the target line at 1.03650 in the next day or so, but always stay alert and never drop your guard.
Click on Image to Enlargen
Remember, trade with your head and not your "gutfeel".
Click on Image to Enlargen
Remember, trade with your head and not your "gutfeel".
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