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USDJPY pulls back sharply from 99.67 level. Moving sideways in a range between 96.84 and 99.67 could be seen in next several days. However, the price action from 98.70 is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low). As long as 96.84 support holds, we’d expect uptrend to resume, and one more rise towards 101.00 is still possible after consolidation. Near term resistance is now at 99.67, about this level will signal the resumption of the uptrend.



Daily Forex Forecast

Market Review - 05/03/2009 22:18 GMT

Japanese yen rises on risk aversion as stock markets plunge; ECB and BOE cut interest rates by 50 basis points


The Japanese yen rose across the board yesterday on the back of the selloff in global stock markets as optimism over the earlier news of a larger Chinese stimulus package dimmed and ECB President Jean-Claude Trichet said in his press conference that for growth in the eurozone is likely to remain weak for the rest of the year.

Dollar declined against the yen from 99.69 to 97.72 and the Japanese currency rebounded against the euro and sterling from 125.75 to 122.70 and from 141.50 to 138.06 respectively.
The Australian dollar weakened ...

Famed market commentator James 'Rev Shark' DePorre, provides weekly insight on where he thinks the markets are going and how to navigate through the financial seas. In this episode, Rev discusses the lack of plausible banking solutions and how it is pulling down the market. Rev also talks extensively about current market sentiment...

Listen to the short clip here:

Pre-London gave us some clues, along with one trade that ended up stopped out break even on the GBP/USD pairing. We had many clues of an impending rise, at least on the short term. In this video I show in detail how we planned, and ultimately confirmed our entry reasoning/criteria, primarily using Fibonacci, 21 ema’s , macd, stochastics and higher lows. Also, why we took significant profit pretty much exactly at what ended up being the top of the move. This top turned out to be a reversal point for the remainder of the London session going into the British rate announcement due this morning. This entire move took place within the first half hour of the London open, a quick 60-70 pips when played properly, nothing wrong with that one day before ...