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EURJPY's Resistance

by Ashraf Laidi
May 5, 2009 11:55 | 4 Comments

EURJPY's Resistance - EURJPY May 5 (Chart 1)

EURJPYs ascent to 3-week highs looks increasingly unsustainable from a momentum stand point, with oscillators showing a bearish divergence from the advancing price action. In contrast to the aggressive gains in AUDJPY, NZDJPY and GBPJPY, EURJPY showed faced resistance at 132.80-00. Todays Eurozone April PPI figures showed the biggest annual decline in 22 hears, which could mean the ECB has little choice but to announce the framework for quantitative easing at Thursdays press conference. 130.90 stands as the next main support, followed by 129.70. The combination of ECB information on Thursday and US stress tests on Thursday evening could well be the fundamental catalyst for protracted selling. Upside capped at 134.40.

 

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Comments (Showing latest 4 of 4) View All Comments
Ashraf Laidi
London, UK
Posts: 0
16 years ago
May 6, 2009 7:37
Cappy, EURJPY low in Asia was 129.89, 17 pips short of the stated target. we may see more losses on this BoA story. USDCAD technically could drop towards 1.15 ONLY if we do see further resilience in equities, which is unlikely. Also watch out for Canada's job figures on friday 1.5 hrs before the US report is out.

Ashraf
Cappy
United States
Posts: 19
16 years ago
May 6, 2009 0:16
Ashraft,

Looks like EUR/JPY has a triple top on the daily chart to confirm the down direction.

Please comment on USD/CAD. Do you think it is headed down and if so how far?

Thanks,

Cappy
Ashraf Laidi
London, UK
Posts: 0
16 years ago
May 5, 2009 23:53
Cappy, EURJPY still has room towards 130.70 and 130.20...then 129.70.

Keep an eye on AUDNZD Weekly. as much as i like Aussie, this cross doesn't look good. triple top since July.


Ashraf
Cappy
United States
Posts: 19
16 years ago
May 5, 2009 20:14
Hi Ashraft,

Kudos to you Ashraft on your comments yesterday . . . .

(While GBPUSD failed again to breach above $1.50, USDCAD broke below the Jan lows of 1.1755 and may set sight onto 1.1680 in the event of a successful close above 900 in the S&P500.)

. . . . . . USD/CAD fell to 1.1680 and the S&P 500 close above 900 at 907.24 which was first close above 900 since Jan 8th!!

Thanks for sharing your trading insights with us!!

Happy trading,
Cappy
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