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The Weekly Volume Report: Low Volume Rally In USD/JPY

The Weekly Volume Report: Low Volume Rally In USD/JPY

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/CAD rallies to 6-year highs
  • USD/JPY advance sharply but on low turnover

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD fell to its lowest level since late May this past week
  • However, below average volume on the decline is concern and unsupportive of a broader decline
  • The contraction in daily OBV suggests a volume spike is looming
  • A close back over 1.1215 on above average volume is needed to turn the outlook positive again on the euro

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY moved steadily higher this past week to trade at its highest level in three weeks
  • However, low volume on the move higher is unsupportive of a broader advance
  • The modest move higher in daily OBV is also a concern
  • A close under 122.00 on above average volume would turn us negative on the pair

Daily Volume Chart: USD/CAD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD broke above the March high to trade at its highest level in more than six years
  • Well above average on the break to new highs is supportive of the advance
  • New highs in daily OBV is also supportive of the broader uptrend
  • A daily close back under 1.2725 on above average volume is needed to turn the outlook negative on USD/CAD

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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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