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Yen Stabilizes After Sharp Rally, Japan Withholds Confirmation of Intervention
Posted 29 April 2024
Yen is currently trading as the strongest currency for the day as the markets enter into US session. The earlier dip below 160 psychological support against Dollar spurred a wave of buying, propelling Yen sharply higher. However, subsequent trading has not shown clear follow-through momentum, indicating that the initial surge may have been more of […]
The post Yen Stabilizes After Sharp Rally, Japan Withholds Confirmation of Intervention appeared first on Action Forex.
Yen Rebounds Vigorously Post-160 Breach as Traders Take Profits
Posted 29 April 2024
Japanese Yen mounted a strong comeback in Asian session today after initial dip through 160 psychological support against Dollar. While the moves are exaggerated by today’s thin trading volumes due to public holiday in Japan, the strong rebound is marked by widespread squaring of short positions. Traders are clearly on guard against intervention by Japanese […]
The post Yen Rebounds Vigorously Post-160 Breach as Traders Take Profits appeared first on Action Forex.
Aussie Dollar Technical Analysis: AUD/USD, AUD/NZD, AUD/JPY Price Setups
Posted 29 April 2024The Aussie dollar is one of the more recent standouts in the FX space, benefitting from a risk off environment and hotter-than-expected inflation. AUD Setups analysed
Euro Holds Gains Against Dollar Despite Sharp EUR/JPY Fall
Posted 29 April 2024The Euro’s latest uptrend has held up into the start of a new trading week as the single currency looks more comfortable above $1.07
Gold Price Under Technical Pressure, All Eyes on Fed Rate Decision and NFPs
Posted 29 April 2024Gold is struggling to move higher as haven assets remain in the doldrums. This week’s Fed policy decision and US Jobs Report are likely to wake up the precious metal.
USD/JPY Plummets after Speculation of FX Intervention
Posted 29 April 2024USD/JPY touched 160 and reversed sharply towards 155 as suspicions of FX intervention did the rounds on Monday. Rate differential remains a major stumbling block
Markets Week Ahead: FOMC, Apple, Amazon, USD/JPY, Gold, and USD Outlooks
Posted 28 April 2024Risk markets pushed higher over the week, spurred on by a lull in Israel/Iran hostilities. Next week the FOMC and tech heavyweights Amazon and Apple will dominate risk sentiment.
JPY snaps up on USD, possible Japanese intervention
Posted 29 April 2024USD - United States dollar
Japanese yen made a sudden jump against the US dollar this morning after demand fell to a 34-year-old low late last week. Market reports suspect that Japanese authorities may have intervened to pump up the value of JPY. Like many markets, the strength of the dollar has been influenced by the Federal Reserve’s reticence to lower interest rates. And because inflation has not reached the Fed’s preferred 2% inflation rate, all eyes are on the Federal Reserve’s commentary coming this week. The US Dollar Index was down a quarter percent at the time of writing.
Key Movers
In the Eurozone, inflation has been moderating. German’s Preliminary Consumer Price Index came out 2.2%, beating the forecast of 2.3%. Meanwhile, in Spain prices rose 3.3%.
Sliding oil prices limited demand for the Canadian dollar this morning. The price for a barrel of oil was down to 82.69 at the time of writing on the heals Israel-Hamas ceasefire talks in Cairo. The impact on CAD pushed up demand for currency pairs. GPBCAD hit its highest rate in over a week and was up 0.4% at the time of writing. Demand for CAD was down against JPY 0.95%.
Expected Ranges
EUR/USD: 1.06901 - 1.07337 ▲GBP/USD: 1.24745 - 1.25483 ▲
AUD/USD: 0.65246 - 0.65865 ▲
USD/CAD: 1.36320 - 1.36767 ▲