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USD/JPY turns below 103.5 on bad China data

FXstreet.com (Barcelona) - USD/JPY is back again barely above the 103 handle, last at 103.09, following worst HSBC flash manufacturing PMI China of 2013, posting a level below 50 for first time since past October. The pair is slightly lower for the week at the moment, despite the fact having printed fresh 4.5-year highs during the NY session.

USD/JPY has reversed course from fresh session highs at 103.58 after mentioned data, hand in hand with Nikkei index, that has gone from fresh 5.5-year highs above the 15900 points mark up +1.72% for the day at the moment, down to the 15500 level, into the negative. It last traded at 15662, up +0.23% by the Tokio lunch break. Heavy selling came in above the 103.5 mark as a “big barrier defence ahead of 104.00 encouraged some long liquidation,” said FXWW founder Sean Lee.

Immediate support to the downside for USD/JPY lies at recent session lows 103.02, followed by Tuesday's highs at 102.88, and May 15 highs at 102.77. To the upside, closest resistance shows at recent session highs 103.58, followed by NY session fresh 4.5-year highs at 103.74, and Sept 29 2008 lows at 103.96.

GBP/JPY edging lower towards support at 154.50

The Sterling/Yen closed the session slightly lower, ending the session down 21 pips at 155.10
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EUR/USD - More volatility expected with EU PMI on tap

It was a volatile day for the EUR/USD, which was not surprising given the amount of economic data coming out of the US during the previous session. To kick things off, we had Fed Chairman Bernanke’s testimony in front of congress which started at 14:00GMT and sent the EUR/USD on a roller coaster ride, initially trading as high as 1.2998 before sharply reversing all gains and closing down 53 pips at 1.2852. Later in the day, we received the the most recent FOMC meeting which gave the pair a small bounce but not near to recover from earlier losses.
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