Forex Morning Briefing
Commentary: USD support at 88.5 held, seeing some strenght in here. PE
The US Dollar (.DXY) Index at 89.155 is seeing some strengthening. We could see .DXY ranging within 89 to 90 this week, as .DXY might be responding to rising US yields, which are at fresh highs.
May see a near term correction towards 1.235 in the EUR (Euro) at 1.2461, this week, resistance near 1.23 on the weekly candles might provide support.
USD/JPY at 109.93 may be responding to the rising yield spread between US and Japan bonds, as the Bank of Japan’s attempt to not let bond yields rise seems to be coming off. On the daily lines USD/JPY moved past the 13-Day MA line, which was providing some resistance. It could now attempt to move towards 111 this week as .DXY moves towards 90.
EUR/JPY at 136.9 is testing resistance at 137. It saw a high of 137.5 Friday, which makes me believe that it might just attempt to move beyond that mark to test resistance on the daily lines at 138, then it should dip.
Sterling (GBP) at 1.4121 tested resistance at 1.425-1.43 last week. It is now dipping. The 13 and 21-Days MAs on the daily lines might provide GBP some support in the next few sessions by keeping it above 1.40.
Have a terrific week.
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