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The Weekly Volume Report: USD/JPY Volume Picture Remains Supportive

The Weekly Volume Report: USD/JPY Volume Picture Remains Supportive

2014-10-03 14:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD volume supporting the trend
  • Volume picture remains supportive for USD/JPY
  • GBP/USD slides on weak volumes

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

Daily Volume Chart: EUR/USD

The Weekly Volume Report: USD/JPY Volume Picture Remains Supportive

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD fell to its lowest level since in over two years this week
  • Daily volume has been in a steady rise since July which bolsters the medium-term downtrend
  • Recent daily volume has been above average which further supports the downtrend
  • On-Balance-Volume (OBV) remains supportive
  • A move through 1.2750 on higher than normal volume is needed to confirm that a more serious counter-trend move is underway

Daily Volume Chart: USD/JPY

The Weekly Volume Report: USD/JPY Volume Picture Remains Supportive

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY broke above the psychologically significant 110.00 area this week to trade at its highest level since August of 2008
  • A steady rise in volume has accompanied the move higher since July
  • The steady rise in On-Balance-Volume has also been quite supportive
  • Price move under 108.00 on above average volume, however, would force a re-think of the broader positve bias

Daily Volume Chart: GBP/USD

The Weekly Volume Report: USD/JPY Volume Picture Remains Supportive

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has fallen to new lows for the year this week
  • Steady volume rise since July is supportive of decline
  • New lows in daily OBV also supportive of trend
  • Below average volume of late a possible positive divergence
  • However, A daily close over 1.6250 on above average volume is needed to shift near-term bias higher

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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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