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The Weekly Volume Report: USD/JPY Declines, but Volume Steady

The Weekly Volume Report: USD/JPY Declines, but Volume Steady

Kristian Kerr, Sr. Currency Strategist

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Talking Points

  • USD/JPY falls on average volume
  • Turnover picks up in the pound

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD continues to trade in a choppy sideways to higher range
  • Below average volume this week is a sign that the correction is nearing an end
  • However, the lack of divergence on daily OBV is supportive
  • A close under 1.0865 on above average volume is needed to turn the outlook negative on the euro

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY came under aggressive downside pressure this week
  • Volume was generally low during the move lower which is supportive of the broader trend
  • Daily OBV needs to be watched closely on the next advance
  • A close under 121.40 on above average volume is needed to turn the picture negative

Daily Volume Chart: GBP/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD moved steadily higher this past week after finding support near 1.5200
  • The general decline in volume since mid-may is unsupportive of a primary trend resumption at this stage
  • Above average volume during the move higher this week is a potential positive
  • A daily close below 1.5100 on above average volume is needed to turn the outlook negative on the pound

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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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