USD/JPY Eyes April High Amid First Overbought Reading Since December
Here you can find all the latest breaking forex and currency news about USD/JPY Eyes April High Amid First Overbought Reading Since December including currency analysis and forecasts, live foreign exchange rates, central bank interest rates, and currency trading strategies from experienced fx traders and forex platforms.
Talking Points:
- GBP/USD Rebounds From Fresh Monthly Low (1.6600) on BoE Dissent
- USD/JPY to Eye April High (104.11) on Close Above 103.30
- USDOLLAR Threatens Former Support; RSI Pushes Back Into Overbought Territory
Index |
Last |
High |
Low |
Daily Change (%) |
Daily Range (% of ATR) |
DJ-FXCM Dollar Index |
10602.65 |
10617.14 |
10593.35 |
0.06 |
82.26% |
GBP/USD:
- Rebounds from 1.6600 as Bank of England (BoE) Minutes shows 7-2 vote count, with Martin Weale & Ian McCafferty dissenting against the majority.
- Despite the greater rift in the BoE, GBP/USD struggles to retrace the decline from the weaker-than-expected U.K. Consumer Price report.
- The DailyFX Speculative Sentiment Index (SSI) suggests that the GBP/USD remains vulnerable to further losses as retail crowd is mostly net-long the dollar, with the ratio standing at +1.52.
USD/JPY:
- Rallies to fresh monthly high of 103.39 after closing above the key 102.80-90 zone, with the Relative Strength Index (RSI) pushing above 70; first overbought reading since December 2013.
- May retrace the entire decline from the April high (104.11) on a break & close above 103.30-50.
- As the upward trending channel taking shape, will look for a higher-low on a near-term correction.
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Read More:
Price & Time: Cable Undercuts the 200-Day Moving Average
Next GBP Downturn Ready as ST Oversold Readings Cleared after CPI
USDOLLAR Daily
Chart - Created Using FXCM Marketscope 2.0
USDOLLAR(Ticker: USDollar):
- Dow Jones-FXCM U.S. Dollar Index climbs to a fresh monthly high of 10,616 after closing above the key 10,590 pivot, with the RSI pushing back into overbought territory.
- May see former support (10,615) act as new resistance, especially if the Federal Open Market Committee (FOMC) Minutes fail to prop up interest rate expectations.
- Need a bearish break in the RSI to look for a more meaningful USDOLLAR correction.
- Interim Resistance: 10,602 (38.2% retracement) to 10,615 (78.6% expansion)
- Interim Support: 10,440 (78.6% retracement) to 10,450 Pivot
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Release |
GMT |
Expected |
Actual |
FOMC Meeting Minutes |
14:00 |
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--- Written by David Song, Currency Analyst
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