Forex Morning Briefing
$DXY, $EUR, $GBP, $JPY
Commentary: Nothing New. PE
The US Dollar (.DXY) Index at 94.031 tested to 93.8 Thursday and test to 93.50 soon. If it breaks 93.5, .DXY may turn Bearish medium term. But, while trading above 93.5, it could test to 95. On the 3 day lines, 96 is seen as Key resistance, the maximum upside .DXY sees medium term.
EUR (Euro) at 1.1693 tested at 1.1724 and dipped slightly from there. Next week could see the single currency test at 1.178 major resistance. A rise past 1.182 could make Euro Bullish medium term. While below 1.179-1.182 it could test to 1.15, 1.135-1.140 is seen as support. A clear break of 1.135-1.140 would show us 1.12.
USD/JPY at 109.08 is holding above 108.16. Be mindful that the Bank of Japan announced some tapering of asset purchases, which could well prove to be the trigger that strengthens JPY in the days ahead, but a clear break of 107.8 confirm medium term Bearishness for the pair, and could see 106-105 quickly.
EUR/JPY at 127.53 is trading at levels near 127.6, and although the USD/JPY looks like it could rise to 110 next week, and if it does we could see EUR/JPY moving to support at 124. A retest of 1.16 by the EUR, and a fall to 107 on USD/JPY will make the EUR/JPY test to 124’ish.
Sterling (GBP) at 1.3277 and it look Bearish to 1.32 near term, with the next target being 1.30. A clear break of 1.30 implies continued Bearishness medium term.
Have a terrific weekend
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