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The Weekly Volume Report: Near-Term Volume Profile Supportive of USD/JPY

The Weekly Volume Report: Near-Term Volume Profile Supportive of USD/JPY

2014-08-29 15:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Volume trends weigh on EUR/USD
  • USD/JPY consolidates on below average volume
  • USD/CHF sees new highs for the year with rising OBV

Get real time volume on your charts for free. Click HERE

Daily Volume Chart: EUR/USD

The Weekly Volume Report: Near-Term Volume Profile Supportive of USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD touched its lowest levels in almost a year this week
  • Daily volume has been steadily rising since early July which suggests the medium-term downtrend is legitimate and maturing
  • OBV also supportive of the positive trend with no clear divergence
  • Highest daily volume in over two months this past Wednesday is a potentially positive initial reversal signal
  • However, dramatic increase in volume on a move through 1.3300 is needed to confirm that a more serious counter-trend move is unfolding

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Near-Term Volume Profile Supportive of USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY touched its highest level since late January on Monday before pulling back over the past few days
  • Generally increasing volume since late July is suggestive of a budding uptrend
  • Increase in On-Balance-Volume during the same period further supports the burgeoning trend move higher
  • Price decline over past few days on lower than average volume favors an eventual resumption higher
  • Price move under 102.75 on above average volume, however, would force a re-think of the broader positve bias

Daily Volume Chart: USD/CHF

The Weekly Volume Report: Near-Term Volume Profile Supportive of USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CHF traded at a new high for the year this week
  • A steady rise in daily volume since early May suggests the uptrend is quite healthy
  • New yearly highs in OBV this week is also seen as very supportive of the trend
  • A volume/price divergence this week on the push to new highs is a potential negative
  • However, only aggressive weakness below .9100 on above average volume would signal that a more serious correction is underway

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

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