Today is scheduled to be a quiet Day on the economic calendar

<p>We expect today’s flows to be purely order-driven by the market, along with any real time news that should hit the wires during the European […]</p>

We expect today’s flows to be purely order-driven by the market, along with any real time news that should hit the wires during the European session.

USDJPY
USD/JPY
Range: 80.29 – 80.89
Support: 80.20
Resistance: 81.00
Dollar-yen closed in New York at 80.40 on Friday, with the rate opening into Asia around session lows of 80.29 before strong demand for dollar emerged. This buying was seen across the board taking dollar-yen through Friday’s high of 80.61, with triggered stops providing the momentum to take the rate on to 80.89. Reported offers placed on approach to 81.00 helped to cap the move, with the rate easing back to settle 80.60/80. Euro-yen eased lower as the rate tracked euro-dollar slippage. The move down dragged other yen crosses with it. Offers remain in place toward 81.00, with further interest noted to 82.10, with stops above. Bids at 80.60; a break will open a deeper move towards 80.20.
EURUSD
EUR/USD
Range: 1.4102 – 1.4224
Support: 1.4107
Resistance: 1.4230
Euro-dollar closed in New York at 1.4180 on Friday after the recovery off late session lows of 1.4141. The rate initially dipped back to 1.4170 into early Asia before picking up a bid tone, triggering stops on the early move above 1.4200 to a high of 1.4224. The corrective pullback gained pace into the main Asian session as the move through 1.4141 exposed stops sub 1.4140. This provided weight to take the rate to extended lows of 1.4102. The rate then settled between 1.4110/35 into early Europe. Support at 1.4107 ahead of 1.4070, with resistance at 1.4315.
GBPUSD
GBP/USD
Range: 1.5912 – 1.5971
Support: 1.5900
Resistance 1.6000

 

Sterling closed in New York on Friday at 1.5968 and opened into Asia around 1.5957. The rate initially edged up to mark overnight highs at 1.5968 before getting pulled lower by euro-dollar’s stronger corrective pullback. The rate dropped to 1.5913. However, the move lower was seen cushioned as euro-sterling reversed off its early high of 0.8912 and eased to 0.8860, before settling at 0.8870. Cable settled through the Asian afternoon between 1.5915/40 before fresh demand emerged into early Europe, taking the rate up to 1.5948. Resistance now at 1.5955 and a break opens a move towards 1.6000. Support at 1.5900 and then at 1.5880. A break here is set to open a deeper move towards 1.5820.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.