Quote of the day:“Work saves us from three great evils: boredom, vice and need.” – Voltaire
Good morning. As said many times before – history has a nasty way of repeating itself: so the BoJ intervention has failed once again and the Yen is strengthening across the board amid speculation fact that the global growth is slowing. Although USDJPY still holds some of its gains – other JPY pairs, specifically the more risk sensitive ones – are already testing pre-intervention levels and if technicals matter, we have some long tails in the daily charts. Let’s see some:
EURJPY – since it failed to exit the range to the upside yesterday, although it had a good chance to maintain momentum, the bottom is back in the spotlight. No break above 113.50 means no reason to buy it – and even then, if it goes up, sellers will be happy to rush in at better levels. The NFP / Unemployment Data is today’s most important event in the FX Calendar.
Euro Vs. Japanese Yen Daily Chart 8-5-2011
AUDJPY
Australian Dollar Vs. Japanese Yen Daily Chart 8-5-2011
Here’s the USD index – time to focus on the 76-76.50 top side as it managed to breach above former support (upward trendline)
USD Index Daily Chart 8-5-2011
EURUSD
Euro Vs US Dollar Daily Chart 8-5-2011
I’ll be back later, have a nice day!
