EURUSD
1.4300 is under pressure at the time of this writing after trading in a narrow range of 30 points throughout the EU session. Intra-day sentiment is bullish and a potential breach would extend gains towards the first objective at 1.4360 – past yesterday’s topside @1.4325/30. A daily close above 1.4300 will confirm that the retracement to 1.4085 has been completed. On a direction switch towards the downside, likely caused by profit taking before the weekend, watch for 1.4180-1.4200 by the day close. Current exchange rate is 1.4290 @12:30 GMT
EURUSD 4hrs chart 8-14-2009 (click to enlarge)
USDJPY
Support @94.75 – formed by the median retracement of the last up leg from 91.70 to 97.75 is currently under pressure. On a break lower, expect a fast decline towards next intra-day objective which comes at 94.00 – both an historical bottom, of May, and a fib ratio as seen on the chart below but it should limit intra-day losses if reached today. Current exchange rate is 94.85 @12:30 GMT
USDJPY daily chart 8-14-2009
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