"Unhealthy" uptrend on yen
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.
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