News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/VRfjvmBq6N
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI MoM (MAR) Actual: 0.8% Expected: 0.4% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI MoM (MAR) Actual: 0.8% Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.7% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 Bank Lending YoY (MAR) Actual: 6.3% Previous: 6.2% https://www.dailyfx.com/economic-calendar#2021-04-11
  • $EURUSD has been climbing gently in the past few days after its recent steep falls. However, that was probably just position-squaring ahead of further weakness. Get your market update from @MartinSEssex here: https://t.co/xbpJIMsy0z https://t.co/zFzWfoAG2N
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/3vnThmcyty
  • 6 out of 9 Dow Jones sectors ended higher, with 73.3% of the index’s constituents closing in the green. Healthcare (+1.48%), information technology (+1.47%) and consumer discretionary (+1.15%) were among the best performers, while consumer staples (-0.36%) lagged behind. https://t.co/lTlqFGhB3V
  • Build your EUR/USD strategy with key trading techniques. Get your free insight here.https://t.co/8AxPEkO20H https://t.co/SaZk74yhA9
Greek Saga and Uncertianty Continue; Yen Emerges as Major Story

Greek Saga and Uncertianty Continue; Yen Emerges as Major Story

Joel Kruger, Technical Strategist
  • Greece agreement out of the way but saga still ongoing
  • UK Telegraph highlights some of the risks ahead
  • Yen emerging as the major story amidst Eurozone mess
  • USD/JPY breaks back above 80.00 for first time in 6 months
  • Daily RSI at highest level in over 10 years

The fallout from the latest Greece agreement has been rather uneventful and the Euro remains locked in a multi-session consolidation. Although the development was indeed a positive one, investors are still anticipating more troubles out of the Eurozone over the coming days and weeks. The question on everyone’s mind right now is whether Greece will indeed be able to effectively implement the austerity measures required by the EU and IMF. The UK Telegraph has also dampened things somewhat after pointing out that with Greek elections just around the corner, there is still a good deal of uncertainty that needs to be priced in.

But with all of the attention on the ongoing Eurozone saga, some might be missing the more interesting price action in the market right now, with the Yen taking front and center stage. After months of directionless price action by record highs against the US Dollar, the Yen has finally started to breakout and to the downside for that matter, warning of a major structural shift. The recent moves by the Bank of Japan to increase bond purchases have not been taken lightly, and this is seen as the primary driver for the Yen selling.

Additionally, the impressive bid tone in global equities and the Nikkei in particular is also adding to the Yen depreciation. From here however, we think additional Yen weakness over the short-term could be a tough go, with technical studies so stretched and warning of a short-term correction. USD/JPY has broken back above 80.00, but there are some solid offers between 80.25-80.75 that should cap additional gains from here. It is also worth noting that the daily RSI in USD/JPY is at its highest levels since December 2001 when the market was trading above 130.00.

ECONOMIC CALENDAR

Greek_Saga_and_Uncertianty_Continues_Yen_Emerges_as_Major_Story_body_Picture_5.png, Greek Saga and Uncertianty Continue; Yen Emerges as Major Story

TECHNICAL OUTLOOK

Greek_Saga_and_Uncertianty_Continues_Yen_Emerges_as_Major_Story_body_eur.png, Greek Saga and Uncertianty Continue; Yen Emerges as Major Story

EUR/USD: Inability to close below previous key support at 1.3025 leaves the market locked in some multi-day consolidation, with no clear short-term directional bias. At this point, the key levels to watch above and below comes in by 1.3325 and 1.2970 respectively, and a daily close above or below will be required to open the door for the next major move. Until then, we can expect to see some choppy inter-day trade.

Greek_Saga_and_Uncertianty_Continues_Yen_Emerges_as_Major_Story_body_jpy2.png, Greek Saga and Uncertianty Continue; Yen Emerges as Major Story

USD/JPY:The market is doing a good job of showing the potential for the formation of a major cyclical bottom after taking out the 200-Day SMA and now clearing psychological barriers by 80.00 for the first time in 6 months.This further solidifies basing prospects and we could be in the process of seeing a major bullish structural shift that exposes a move towards 85.00-90.00 over the coming months. At this point, only back under 77.00 would delay outlook and give reason for concern. However, in the interim, it is worth noting that gains beyond 80.00 over the coming sessions could prove short-lived with technical studies at their most overbought levels in over 10 years and warning of some corrective declines towards previous resistance now turned support by 78.00 before bullish continuation.

Greek_Saga_and_Uncertianty_Continues_Yen_Emerges_as_Major_Story_body_gbp2.png, Greek Saga and Uncertianty Continue; Yen Emerges as Major Story

GBP/USD: The market is back to challenging the 200-Day SMA which managed to successfully cap gains on previous attempts. At this point, we continue to recommend fading any strength towards or just over the 200-Day SMA in anticipation for yet another topside failure and bearish resumption. As such, our recommendation would be to look to sell rallies towards 1.6000. Ultimately, only a close above 1.6250 would fully negate outlook.

Greek_Saga_and_Uncertianty_Continues_Yen_Emerges_as_Major_Story_body_swiss1.png, Greek Saga and Uncertianty Continue; Yen Emerges as Major Story

USD/CHF: Setbacks have been very well supported in early 2012 ahead of 0.9000, and it looks as though the market could be looking to carve a medium-term higher low ahead of the next major upside extension. We will now look for a weekly close back above 0.9300 to provide added confirmation for probability of underlying bullish resumption. Ultimately, look for a push back above 0.9600 and towards 1.0000 over the coming weeks. Only a break and weekly close below 0.9000 would negate and give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES