Today’s Hot Asset for you to Trade On: USD/JPY.
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USD/JPY
A 7 year high was recorded for the USD/JPY on Thursday. The continuing large volume Yen sell-off contributed. The pair tipped the scale at 116.40 and later settled. An increase of more than 250 pips has been seen along this week after the price was spurred by speculation of an increase in sales tax. Due to be implemented in December, the increase may be postponed. A level of 120.00 is now a possibility.
The trend is slightly up. Support is found at 114.80 and resistance at 116.40.
Trend: Slightly Down
EUR/USD
Traded in a slim channel between 1.2420 and 1.2490 The EUR/USD continued its stability. The Asian session showed the pair decreasing to the lower limit of the channel as investors expected to see negative data coming from the German GDP release. The report from Germany, issued today at 7.00AM (GMT) was more positive than anticipated. Most traders found comfort in the data as it gave a good sign in the eye of further recession.
The trend is sideways. Support is found at 1.2370 and resistance at 1.2500.
Trend: Sideways
Gold
Gold remained in its sideways trend yesterday, trading between $1,156/ounce and $1,170/ounce. The price dropped slightly towards $1,150/ounce as the U.S. dollar showed signs of strengthening. The price may continue to be influenced by the bearish sentiment and be pushed down, yet again today. It is anticipated to push the $1,140/ounce level. Traders should keep an eye on the U.S. markets data later today.
The movement is sideways. Support is found at 1,138 and resistance at 1,180.
Trend: Sideways
Crude Oil WTI
$73/barrel and dropping. The WTI Crude continued its descent yesterday, the price is now at its lowest level since 2010, and may drop even lower. Another increase in supply, shown yesterday by the U.S. inventory report, is pushing the price further down. An option by OPEC could see cutting of production, if the price reaches below $70/barrel. The price is expected to stay low until this time.
The trend is sideways. Support is found at 73.25 and resistance at 75.00
Trend: Sideways
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