Forex Morning Briefing
Commentary: Nothing new. PE
The US Dollar (.DXY) Index at 93.65 tested support at 93.29 Tuesday and now seems to be rising from there back towards 94. A deeper correction towards the 5 Wk MA 93.0-93.5 is on the cards, which might happen after a retest of 94. If so, the Northside target at 95 would be tested sometime next week or next.
USD/JPY at 110.48 is testing support at 110.5. If that support holds then see the pair back at 111 or 112 within the next 2 weeks. The near term target 112, which corresponds with Key long term resistance.
EUR/JPY at 129.97 tried for 131.5 Tuesday and saw 131.35 and faded. The next few sessions could see the pair ranged within 130.5-129.5 as the EUR moves to 1.17 and USD/JPY moves to 111 once again.
Sterling (GBP) at 1.3421 rose to 1.35 Tuesday and could now test support 1.338-1.340 yet this week.
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