FX News - April 18 2014: Quiet Trading Session Today

FX Strategy Articles > FX Trading Tips

Most of today’s financial markets are closed in observance of Good Friday. As such, no big movements in currencies are expected today. One example is the USD/JPY pair, which reached a 10-day high in today’s Asian session, only to retreat again as the day progressed. The pair opened at 102.45, which then peaked at 102.56. It then slid under the 102.40 zone, and nothing much has changed since then, as the pair traded at a very narrow range between 102.40 and 102.46. It is currently trading at 102.38, with initial resistance seen at 102.75, followed by 103.00. Meanwhile, initial support is at 102.13, followed by 101.87.

As for the EUR/USD, the pair remained pretty flat in today’s trading session. This came after a sharp rise and quick decline of the pair yesterday, which saw it peak at 1.3864 at the opening of the European session, before eventually sliding near the 1.3810 area at around late afternoon in the region. It has since traded within a tight range between 1.3810 and 1.3820. It is currently trading at 1.3817, with initial resistance seen at 1.3839, followed by 1.3874. Meanwhile, initial support is at 1.3784, followed by 1.3750.

What to Expect Next Week

It’s going to be a busy mid-week in Europe and parts of Asia, starting with Australia’s CPI data for Q1, followed by the release of the Bank of England minutes, which will happen on Wednesday. Thursday will see the RBNZ announce its interest rate decision, EU President Mario Draghi give a speech, and the release of the US Durable Goods Orders in March. Then there’s Japan, which will release its National and Tokyo CPI data in March.

By FX Strategy Team, Published on 18th of April 2014
eTorro - Trading Starts Here

Start Trading Forex with up to $10,000

  • 100s Videos and FX Strategy articles
  • Advice from our FX traders
  • Practive free with using real time