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The Weekly Volume Report: Low Volume Decline in USD/JPY

The Weekly Volume Report: Low Volume Decline in USD/JPY

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD volume picture remains supportive
  • Low volume in USD/JPY favors upside resumption
  • USD/CHF turnover increase a cause for concern

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Low Volume Decline in USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD fell to its lowest level in over two years last week
  • Daily volume has been in a steady rise since July which bolsters the medium-term downtrend
  • Recent recovery on modest volume is supportive of downtrend
  • On-Balance-Volume (OBV) remains healthy, though needs to be watched closely if spot fall to new lows
  • A moveunder 1.2500 on above average volume is needed to confirm a downside resumption

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Low Volume Decline in USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded at its highest level since August of 2008 at the start of the month
  • A steady rise in volume has accompanied the move higher since July
  • Recent decline has been on well below average volume which favors an eventual trend resumption
  • Move over 109.00 needed to signal that the trend is resuming

Daily Volume Chart: USD/CHF

The Weekly Volume Report: Low Volume Decline in USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CHF traded at its highest level in over a year last week
  • Steady volume rise since July is supportive of advance
  • Recent pullback on above average volume is a concern, even higher volume of Thursday is supportive of an upside resumption
  • A daily close under .9465 on above average volume would shift focus lower

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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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