Never miss a story from Justin McQueen

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Justin McQueen

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

MARKET DEVELOPMENT – EURUSD Tops 1.13, USDJPY at Resistance, Crude Oil Gains

EUR: The Euro is notably firmer this morning vs. USD & JPY with EURUSD back above 1.13. The initial rise in the Euro had stemmed from large orders at the Tokyo Fix observed in EURJPY (EUR 3bln from 125.70-126.29) on touted M&A proceed from Mitsubishi UFJ’s purchase of a unit from Germany’s DZ Bank. Elsewhere, the Euro received a further bid in the European morning after Chinese data surprised to the upside, and most notably the credit splurge in March, whereby aggregate soared by CNY 2.8tln (Exp. CNY 1.8tln). This had also followed the large trade surplus that China had posted in March, increasing the sense that a China rebound could be on the horizon in Q2. As we had highlighted in our currency volatility report, risk reversals had flipped to positive on both the 1D and 1W for EURUSD, consequently implying that the Euro may have bottomed out in the near-term.

JPY: The Japanese Yen is the notable underperformer in the G10 space, failing to recover from Tokyo Fix related flows overnight, while green shoots stemming from Chinese data had also sapped demand from the safe haven JPY. 112.00 resistance holding for now, however, a closing break raises scope for test of 112.50.

Crude Oil: Oil prices delivered further gains this morning, recovering from the mild losses seen yesterday as positive Chinese data boosts risk appetite. On the geopolitical front, little has changed in the past 24 hours, however, the fact remains the same, which is that the current tensions emanating from Libya, continue to provide an undertone of support. Oil bulls eye a move towards $72.50.

EURUSD Tops 1.13, USDJPY at Resistance, Crude Oil Gains- US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

EURUSD Tops 1.13, USDJPY at Resistance, Crude Oil Gains- US Market Open

IG Client Sentiment

EURUSD Tops 1.13, USDJPY at Resistance, Crude Oil Gains- US Market Open

How to use IG Client Sentiment to Improve Your Trading


  1. EURUSD Price Nudges Higher; Trading Range Throttled” by Nick Cawley, Market Analyst
  2. Charts for Next Week: EURUSD, GBPUSD, Gold Price & More” by Martin Essex, MSTA , Analyst and Editor
  3. Crude Oil Analysis: Bulls Remain Firmly in Control” by Justin McQueen, Market Analyst
  4. Gold & Silver Prices Moving Closer to Triggering Technical Patterns” by Paul Robinson, Market Analyst
  5. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX