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The Weekly Volume Report: USD/JPY Rallies, Turnover Doesn't

The Weekly Volume Report: USD/JPY Rallies, Turnover Doesn't

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD - New yearly lows in On-Balance-Volume
  • USD/JPY rallies, but volume does not
  • AUD/USD consolidates on below average volume

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: USD/JPY Rallies, Turnover Doesn't

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD remains in consolidation mode above the year-to-date low
  • Daily volume levels have fallen over the past few weeks suggesting recent upside action is only corrective
  • New yearly lows in On-Balance-Volume (OBV) is also supportive of an eventual downside resumption
  • A move over 1.2800 on above average volume is needed to prompt a more serious upside squeeze

Daily Volume Chart: USD/JPY

The Weekly Volume Report: USD/JPY Rallies, Turnover Doesn't

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has rallied steadily over the past week after finding support near the 1H14 high
  • The lack of volume during the recent decline suggests the move is likely only corrective
  • However, volume on latest rally is also well below average and a cause for some concern
  • OBV levels remain quite supportive of the broader uptrend
  • A close under 105.90 on above average volume would turn us negative

Daily Volume Chart: AUD/USD

The Weekly Volume Report: USD/JPY Rallies, Turnover Doesn't

Charts Created using Marketscope – Prepared by Kristian Kerr

  • AUD/USD is in consolidation mode above the YTD kow near .8640
  • Volume over past couple of weeks has been below average and suggests recent action is only corrective
  • New yearly lows in OBV is supportive of an eventual downside resumption
  • A daily close over .8900 on above average volume is needed to turn the outlook more positive

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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.

DISCLOSURES