Forex: USD/JPY retraces weekly losses back to 98.37

FXstreet.com (Barcelona) - The USD/JPY extended its retracement from the fall on Monday and has fully retraced back to Friday’s close at 98.37, where the market is currently quoting at. That area is acting as resistance.

Japan consumer confidence improved from 44.3 to 44.8 in March, beating the consensus of 46.7.

“We suspect that the market will need to clear 98.715, the 15th April high in order to reassert upside pressure towards the 99.70/100.00 recent high, Fibonacci retracement and psychological resistance”, wrote Commerzbank analyst Karen Jones, unable to rule out a retest of trend and cloud support at 94.07/93.91.

Apr 17, 2013

Forex Flash: EUR/USD to fail ahead of the 1.3225/50% retracement - Commerzbank

Having recovered most of the previous days’ losses and charted a new 6 week high, “we look for the market to fail ahead of the 1.3225/50% retracement”, say Commerzbank analysts, expecting the resumption of the EUR/USD down move. “Intraday the market should find initial support circa 1.3027/22 and the 200 day ma at 1.2922 en route to the 1.2740 recent low. Key support remains 1.2679/61, this is the 61.8% Fibonacci retracement of the July- to-January rise and the November 2012 low”, wrote analyst Karen Jones, pointing to a deeper retracement to 1.3340 and possibly 1.3503 (not favored) above 1.3225.

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Apr 17, 2013

Forex: AUD/USD finds support around 1.0340

After dipping to session lows in the vicinity of 1.0340, the Aussie dollar found buying interest that lifted the cross to the current levels of 1.0360/65 albeit still trading in the negative ground. In the data front, th...

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