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Show full picture Overview:The USD/JPY is expected to trade with bullish bias. Liquidity was thin in Asia today as financial markets in Japan were shut for holiday. The USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 80.18 versus 80.01 early Thursday) after the Federal Reserve officials shifted forward their forecast for higher rates and Philadelphia Fed’s index of general business activity rose stronger than expected to plus 9.0 in March (versus 4.3 forecast) from minus 6.3 in February, while the U.S Conference Board leading index rose more-than-expected 0.5% (versus +0.3% forecast) in February. The USD/JPY is also supported by the higher U.S. Treasury yields, reduced safe-haven appeal of yen and yen-funded carry trades as global risk…
Overview:
The USD/JPY is expected to trade with bullish bias. Liquidity was thin in Asia today as financial markets in Japan were shut for holiday. The USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 80.18 versus 80.01 early Thursday) after the Federal Reserve officials shifted forward their forecast for higher rates and Philadelphia Fed’s index of general business activity rose stronger than expected to plus 9.0 in March (versus 4.3 forecast) from minus 6.3 in February, while the U.S Conference Board leading index rose more-than-expected 0.5% (versus +0.3% forecast) in February. The USD/JPY is also supported by the higher U.S. Treasury yields, reduced safe-haven appeal of yen and yen-funded carry trades as global risk sentiment improves (VIX fear gauge eased 3.97% to 14.52; S&P rose 0.6% overnight) on upbeat U.S. data and calmer investor nerves post-FOMC, loose monetary policy of the Bank of Japan and sell-yen orders from Japan importers. But the USD/JPY gains are tempered by the buy-yen orders from Japan exporters and positions’ adjustment before the weekend.
Technical сomment:
The daily chart is positive-biased as stochastics is rising from oversold zone, the MACD is staging bullish crossover against its exponential moving average and rate-of-change momentum indicator is advancing in positive territory.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 102.85 and the second target at 103.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.20. A breach of this target will push the pair further downwards and one may expect the second target at 100.64. The pivot point is at 101.75.
Resistance levels:
102.85
103.15
103.45
Support levels:
101.20
100.65
100.35
The material has been provided by InstaForex Company – www.instaforex.com
For more info: Technical analysis of USD/JPY for March 21, 2014
The post Technical analysis of USD/JPY for March 21, 2014 appeared first on FX FOREX.
At the risk of oversimplifying, there seems to be a single overriding driver of the global capital markets in the coming days. It is how investors see the implications of last week’s dismal jobs data.In particular, many observers are suggesting that it raises doubts over the Fed’s willingness to continue to pullback from its asset purchases, as generally outlined along side last month’s tapering decision. Some observers have linked it to arguments that the economy has become dependent on QE and at the first sign of withdrawal there is a loss of activity.The immediate response was to send US Treasuries broadly higher and the dollar lower, against nearly all the major and many emerging markets currencies. The main exception was the Canadian dollar, which was …
At the risk of oversimplifying, there seems to be a single overriding driver of the global capital markets in the coming days. It is how investors see the implications of last week's dismal jobs data. In particular, many observers …
For more info: FX Drivers in the Week Ahead | Zero Hedge
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I’ve been posting and updating the “Twas 3 Nights Before Christmas” study on the blog here since 2008. The study will kick in at today’s close. This year I will again show the Nasdaq version of the study. While all the major indices have performed well during this period, the Nasdaq Composite stands out as the big winner. The stats in this table are strong across the board, and the note at the bottom shows reliability that has been nothing short of incredible. Traders may want to keep this one in mind over the next couple of weeks.
via Quantifiable Edges:
I’ve been posting and updating the “Twas 3 Nights Before Christmas” study on the blog here since 2008. The study will kick in at today’s close. This year I will again show the Nasdaq version of the study. While all the major indices have performed well during this period, the Nasdaq Composite stands out as the big winner.
The stats in this table are strong across the board, and the note at the bottom shows reliability that has been nothing short of incredible. Traders may want to keep this one in mind over the next couple of weeks.
For more info: ‘Twas 3 Nights Before Christmas (updated Nasdaq version)
The post ‘Twas 3 Nights Before Christmas (updated Nasdaq version) appeared first on FX FOREX.
BY OKONKWO EZE, OnitshaMarkets in AnambraState have been closed down for business from today till Monday, next week to enable all the traders participate actively during the voting exercise.The President of Anambra Markets Amalgamated Traders Association (AMATAS), Chief Okwudili Ezenwankwo who disclosed this yesterday in a telephone chat with newsmen, said every trader who has voter’s card must exercise his or her franchise, as a civic responsibility.Ezenwankwo further disclosed that all the markets, including Onitsha main market, Ose-Ekwodu, Ochanja, Nnewi markets Aguata and Awka markets would remain closed till that Monday, adding that security operatives have been directed to guard the markets within their localities.Also contributing, the Publicity Secretary of AMATAS, Uzor A. Uzor, said they were not necessarily closing the markets because …
via traders – Google Blog Search:
Markets in AnambraState have been closed down for business from today till Monday, next week to enable all the traders participate actively during the voting exercise. The President of Anambra Markets Amalgamated …
For more info: Anambra markets shut today to enable traders vote enmasse …
The post Anambra markets shut today to enable traders vote enmasse … appeared first on FX FOREX.
