FX News - April 8 2014: USD/JPY Continues to Slide

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The USD/JPY pair continued to slide down in today’s Asian session ahead of the BoJ interest rate decision. The pair opened at 103.07 today, but it immediately took a nosedive after that, bottoming out at the 102.74 zone. Japan’s interest rate is currently at 0.1%, and with no indicators of it changing anytime soon.

The pair is currently trading at 102.84, with initial resistance seen at 103.25, followed by 103.50. Meanwhile, initial support is at 102.84, followed by 102.58.

After failed attempts to break the 0.9300 barrier, the AUD/USD fell under the 0.9260 area in yesterday’s London session. With that, the pair spent the rest of the day moving within the 0.9260-0.9270 areas. It opened today’s Asian session at 0.9265, which eventually peaked at 0.9283. As with yesterday, the pair might again attempt to break past the 0.9300 area. So far, however, there’s no clear sign whether or not traders will succeed.

National Australia Bank (NAB) released earlier the country’s Business Confidence and Conditions data. Business Conditions came out a 1, up from the previous 0, while Business Confidence dropped from 7 to 4. These, however, didn’t affect the pair’s performance.

The AUD/USD pair is currently trading at 0.9276, with initial resistance seen at 0.9284, followed by 0.9307. Meanwhile, initial support is at 0.9239, followed by 0.9216.

As for the EUR/USD, the pair pretty much leveled out during the London session, a level that has persisted to today’s Asian trading. The pair jumped to 1.3733 after Bundesbank’s head Jens Weidmann said that he hasn’t changed with opinion on the QE. This clashed with ECB President Mario Draghi’s statement on the unanimous view of policymakers regarding the use of different instruments such as asset purchases.

The EUR/USD pair is currently trading at 1.3744, with initial resistance seen at 1.3773, followed by 1.3807. Meanwhile, initial support is at 1.3718, followed by 1.3684.

By FX Strategy Team, Published on 8th of April 2014
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