The EURJPY is approaching a strong resistance approximately 114.80. This area of resistance will be crucial in determining the fate of this currency pair in the short term.The refusal of this resistance may lead to a substantially lower rotation as there is little support until around 109.50. Alternatively, a breakout above this resistance would likely result in another leg upward.
Operators should keep a keen eye for valid price action configurations around 114.80.
The AUDJPY is also sitting under a critical area of resistance around 81.40. this level will be crucial in determining which direction this currency pair heads to close this week and next. keep an eye out for any signs of strong action price close to this level.
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Comment:
The dollar fell to a five-month low against the euro today on the back of increased expectations that central banks will intensify monetary stimulus to support fragile economies, this also helped bullion extend its recent rally breaking records.
Main Currency strategist Brian Dolan of forex.com said, "the dollar is currently in a situation of" lose-lose "where if data of United States are disappointing, increases the prospects of lightening of the fed and it weighs U.S. rate and the dollar, if data of United States gets better than expected, then the risk is back on, then the dollar is shunned as currency safe"
The Dow was down 22.86 points or 0,21%, S & P 500 lost 2.97 points or 0.26%, the Nasdaq was down 3.03 points or 0,13%.
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