|Day's Range||110.28 - 111.052|
|52 Week Range||104.6670 - 114.7250|
The US dollar has been pretty mixed during the week against the Japanese yen, which makes perfect sense considering the dynamics at play in this currency pair. On one hand, you have a risk sensitivity in this pair, but at the other hand you have the US dollar being a bit too overbought.
US dollar strength has been seen all across the Forex world, with perhaps the lone exception being the Japanese yen. You can see that we fell during the day on Friday as well, reaching towards the ¥110.00 level, an area that I think is rather supportive.
The British pound continues to find support at the ¥140 level, as the selling has abated a bit. Obviously though, we have concerns about the Brexit, and of course the global headlines continue to cause issues. With that in mind, be very cautious but it does start to look like there may be a glimmer of hope.
The Euro rallied slightly higher during the Thursday’s session reaching towards the 1.14 level but due to the presence of strong resistance above, the market rolled over a bit. The British Pound initially tried to rally above the 1.12750 level in the yesterday’s session but failed in its attempt and rolled over. The AUD rallied during the yesterday’s session but later in the day sellers are seen getting involved pushing the price lower.
Investing.com - The U.S dollar was little changed on Friday, while the Chinese yuan slipped after posting its biggest daily gain since January 2017 in offshore trade on Thursday following news that China and the U.S. will resume trade talks later in August.
The US dollar has pulled back from initial gains during the day on Thursday, as we continue to see a lot of choppiness in Forex markets overall.
The British pound went back and forth against the Japanese yen during trading on Thursday, initially trying to rally, but failing and rolling over at the ¥141 level. This may have been predicated upon the idea that the Chinese were coming to speak to the Americans, but at the end of the day the Brexit still looms large.
Investing.com - The dollar was flat against its rivals Thursday, pressured by a bout of mixed U.S. economic data and improving risk sentiment after the U.S. confirmed trade talks with China would resume.
Investing.com - The dollar eased against a basket of the other major currencies on Thursday, but was supported near 14-month highs amid ongoing concerns over Turkey's currency crisis and fears of an economic slowdown in China.
The market is likely to get a bounce from here but will not be a significant one as the negative sentiment still dominates the market. If the market breaks below the 1.27 level, then it will unwind rapidly towards its next psychologically important level, the 1.25 level.
Today’s price action will be dictated by investor aversion to risk. If demand for higher risk assets continues to increase then look for the USD/JPY to be underpinned. The news about the trade discussion between the U.S. and China is just a headline. However, investors seem to like it. There’s no guarantee that the trade discussions will end successfully, however, the news seems to have stopped the speculative selling for now.
The US dollar fell against the Japanese yen in a “risk off” move early on Wednesday, testing the ¥111.75 region as I record this. There is a bit of support underneath though, so the question now is whether or not the US dollar can stabilize?
The British pound has fallen during most of the session on Wednesday as I write this, but it is starting to tread water near a supportive candle. Because of this, it’s possible we may get a bit of a pop from here, given the buyers some type of relief.
Investing.com - The dollar steadied against its rivals at 13-month highs Wednesday, but gains were limited by rising demand for safe-haven yen on fears turmoil in Turkey could spill over into other markets.
Investing.com - The dollar rose to 14-month highs against a currency basket on Wednesday, as fears over the impact of Turkey's currency crisis and global trade tensions bolstered safe haven demand.
Investing.com - The dollar was trading near 13-month highs against a currency basket on Wednesday amid fears over contagion effects from Turkey's financial crisis, while the Turkish lira rallied after Ankara hit the U.S. with fresh tariffs.
Investing.com - The U.S. dollar advanced on Wednesday after hitting another 13-month high in the previous session as safe-haven demand increased amid lingering concerns over the Turkish lira crisis.
The US dollar initially rallied against the Japanese yen during the trading session on Tuesday, but then pulled back towards the open area, as the market has continued to be very noisy overall. I believe that this market will probably continue to see a lot of volatility due to the global risk out there.
The British pound was very noisy during the Tuesday session, initially spiking towards the ¥142.50 level, but then pulling back. At this point, keep in mind that this pair is highly sensitive to risk appetite, so it makes sense that “The Dragon” will continue to be very noisy.
Based on the early price action, the direction of the USD/JPY is likely to be determined by trader reaction to the 50% level at 111.126.
Investing.com - The dollar rose against its rivals to an 18-month high Tuesday, supported by a slump in the euro as concerns over Turkey's vulnerable economy persisted despite a rebound in the lira.
The U.S. dollar was stronger against other currencies on Tuesday, as political tensions eased and the Turkish lira recovered. The Turkish lira rallied on Tuesday, breaking a 5-day losing streak after the country's central bank pledged to provide liquidity in response to a meltdown that has unsettled global markets. Turkish Finance Minister Berat Albayrak is expected to hold a conference call with investors from the U.S., Europe and the Middle East on Thursday, his first since assuming the post almost two months ago.