Top Global Market Stories
The dollar gained ground against the yen on Monday, recovering from last weeks four month lows, but gains were limited as traders remained wary of the Feds upcoming policy meeting on Wednesday. During the U.S. session, USD/JPY traded within a narrow range climbing 0.70% to 94.93 at the close, down from a high of 95.22. [...]
Top Trade Ideas
Shorting USDJPY Again After our successful short of USDJPY, which quickly hit our targets, I’m now expecting a short-lived bounce. The main reason for this would be the minor support level that has formed in near .9400 over the past three sessions. The lows for those sessions are: 93.78, 93.97, and 94.09. Clearly, someone is [...]
By Ilya Spivak
Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above resistance at 1.5600, the 76.4% Fibonacci expansion, has exposed the underside of a rising channel set from mid-March, now at 1.5747. A push higher beyond that aims for the 100% level at 1.5783. The 1.5600 figure has been recast as near-term support, with a move back beneath that targeting the 61.8% Fib at 1.5487. A Hanging Man candlestick at resistance warns of a possible turn lower but confirmation is absent for now.