Forex Trading - Support and Resistance with reversals
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Forex - USD/JPY Rises In Mid-day Asian Trade
Forexpros –
Forexpros – The U.S. dollar moved higher against the Japanese yen in Asian trade Friday, following the announcement from the European Central Bank of a plan to extend dollar loans to debt-threatened regional financial institutions.
In mid-day Asian trade USD/JPY hit 76.86, the pair’s highest since Thursday; the pair subsequently consolidated at 76.79, rising 0.11%.
The pair was likely to find support at 76.41, the low of August 31, and resistance at 77.58 Monday’s high.
Earlier Thursday, the ECB announced it “has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year.”
The announcement followed reassurances from French and German leaders that they would continue to support Greece’s participation in the European shared currency.
Wall Street posted gains for a fourth consecutive day, with the Dow Jones Industrial Average rising 1.66%, the Nasdaq Composite Index was lifted 1.34%, and the S&P 500 climbed 1.72%.
Daily Forex Outlook – Holiday Trading Takes Over | Top Equity News
Last week’s currency trading criticize
The Dollar consolidated against most currencies as the up to date USD muster faded into Christmas. Productive Materials was interbred with Q3 GDP being revised to 2.2% vs. 2.8% whilst Existing serene sales gained 7% in November. Weekly Unemployment Claims knock to 452k vs. 480k formerly but this was counteraction by New Homes sales slumping over 10% in November. The Euro tested the downside before rebounding into Christmas with balanced commodities and improving hazard edacity. The merchandise is still focusing on Greece and other weaker European nations which are in threat of Queenly Liable rating downgrades. The EUR/USD gained 0.33% closing at 1.4378, after outset the week at 1.4331.
The Japanese Yen saw widespread shortcoming as the Nikkei continued to improve and the Yen sell occupation spurred back into exertion. CAD/JPY, EUR/JPY and AUD/JPY all enjoyed sturdy gains. The USD/JPY gained 1.18% closing at 91.53 after initiation the week at 90.45. The GBP underperformed most currencies as wire slipped below the key 1.6000 knock down and GDP failed to stimulate. Q3 GDP was revised to -0.2% from -0.3%. GBP/USD mow down -1.23% closing at 1.5963 after opportunity at 1.6159. The AUD closed well above lows but was under goodly exigency as the peddle scaled back expectations of pushy position hikes in 2010. Also hurting the Aussie is the continued feebleness seen in Gold which hew down below $1100 and has fallen over $100 an ounce in the good old days 2 weeks. The AUD/USD level -0.82% closing at 0.8826 after outset at 0.8898.
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