Forex Zone (Forex Zone)
Czech markets  |  January 14, 2013 09:14:59

"Unhealthy" uptrend on yen

If you watch the currency pair USD / JPY, so you may be thinking the question of where this "unhealthy" uptrend ends. The current uptrend accelerated after the Japanese elected a new prime minister, who supports further easing of monetary policy. Appear in the comments of politicians, commentators and major players.

We have noticed over the weekend Japanese words of Deputy Finance Minister Nako, who said that the current weakening of the yen is responsible for:
- Stability in Europe
- Signs of recovery in the U.S.
- Avoiding a fall from a cliff in the U.S. fiscal

According to him, only corrects the previous excessive strengthening.

And if you ask, where correction could come up on a pair of USD / JPY and bank Nomura expects that around 91.40 to 93.00. We perceive a strong resistance area between 90 - 94 However, since this market is currently mainly control the emotions, so we do not yet interested Short, respectively.

As regards developments in the monitored pair EUR / USD, so that after the press conference on Thursday, Draghi literally "plucked" from the chain. We would have to look long in the memory (and charts) to find two days in a row, the euro strengthened by 300 pips.

With this sudden strengthening of the market left below the current market price (1.3377) a lot of good goals, where we see great potential for testing (up to 1.3040). The market is currently in a clear uptrend and so we wait for the indication input dealers to market before we start thinking about the short trade.

During today's Asian session the market tested the 1.3400 level. We perceive other important, long-term resistance around 1.3500 and about 1.3560 and 1.3600. Today we expect a consolidation day character with a smaller margin. The major supports of the current market price we perceive around 1.3310 and about 1.3290 and 1.3260.

Read also:

Concerns the publication FOMC Minutes

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