USD/JPY - 108.00... Dlr opened sharply higher in N.Z. following weekend's
U.S. Treasury's announcement of taking a majority stake in the country's 2 lar-
gest mortagage companies, prompting active selling in yen as risk appetite has
returned for getting into carry trades, price then surged to 109.08 in European
morning in line with the greenback's broad-based rally n despite the retreat to
107.74 after U.S. stock markets pared some of its early gains, the pair later
rebounded in NY afternoon as the DJI ended the day 289 points higher.
Dlr's rebound fm 105.53 (Friday's low) suggests the correction fm last
month's 110.67 top has ended n as long as 107.31/35 (50% r of 105.53-109.08 n
prev. res) holds, outlook remains mildly bullish for another rise n abv 109.08
wud extend gain to 109.53 (50% proj. of 105.53-109.08 fm 107.74) n then 109.72.
Therefore, trading fm long side is favoured but profit shud be taken on
next rise as bearish divergences on hourly oscillators shud cap price well below
pivotal res at 110.29. Below 107.31/35 wud risk further weakness to 106.88/89
(sup n 61.8% r of 105.53-109.08) but minor sup at 106.24 shud hold...
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
English
Español
Français
中文
Deutsch
Italiano
العربية
Sverige
Ελληνικά
Go to Profile
Mark as Read
