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The Weekly Volume Report: Accumulation or Distribution in USD/JPY?

The Weekly Volume Report: Accumulation or Distribution in USD/JPY?

2015-09-18 14:15:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • Turnover remains high in the pound
  • USD/JPY meanders on average volume

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Accumulation or Distribution in USD/JPY?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD continued its advance over the past week to trade at a new high for the month
  • Below average volume on the advance continues to raise questions about the underlying strength of the current advance
  • However, the move to new highs in daily OBV is supportive
  • A move under 1.1080 on above average volume is needed to turn us negative on the exchange rate

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Accumulation or Distribution in USD/JPY?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in a sideways to lower range
  • Average volume during the recent consolidation is sheds little light on future directional path
  • Sideways action in the daily OBV is also unhelpful
  • A close back over 121.65 on above average volume would turn us positive on the pair

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Accumulation or Distribution in USD/JPY?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD continued higher to trade at its highest level in three weeks
  • Volume has been generally above average which is supportive of the rise
  • However, weakness in daily OBV remains persistent and is clear a potential negative
  • A daily close below 1.5335 on above average volume would turn us negative on the rate

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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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