Japanese Yen Pairs What Forex Traders Need to Know today

Japanese Yen Pairs What Forex Traders Need To Know Today - Forex Trading tutorials for beginners in the PhilippinesAno po ba ang nangyayari today para sa araw ng Huwebes, July 9, 2020. Ano ba ang mga Trading opportunities na pwede natin silipin. Huwag nyo po kalimutan na tingnan ang ating INTRADAY MARKET INSIGHTS para sa araw na ito para makapag-charting na kayo sa inyong mga platform.

Dahil ang topic natin sa article na ito ay Japanese Yen Pairs, ang ibig sabihin nito ay pag-uusapan natin ang sumusunod na currency pairs gaya ng EUR/JPY, USD/JPY, CHF/JPY, NZD/JPY, CAD/JPY, GBP/JPY at AUD/JPY.

👉 Due later today are reports on Initial Jobless Claims for the week ended July 4 (a decline to 1.375 million expected) and Wholesale Inventories for May (final reading of -1.2% on month expected).

👉 Most Asian currencies are strengthening against the U.S. dollar as risk-on sentiment dulls the greenback's allure as a haven. The resilience in U.S. stocks, which rose overnight despite losses in European equities and a continued increase in Covid-19 cases in the U.S., is a major driver of the positive sentiment

👉 USD/JPY fell 0.2% to 107.29. This morning, official data showed that Japan's core machine orders grew 1.7% on month in May (-5.0% expected).

👉 Emergent BioSolutions has been the latest company to move forward with testing a drug that may provide protection against coronavirus for medical staff. Efforts to develop a vaccine are moving forward at full speed. US investors may also have been encouraged by President Donald Trump's push to reopen schools in the fall.

👉 Gold has finally broken above $1,800, hitting a high above $1,817, and nearing an increase of 20% this year. The precious metal has been advancing regardless of the market mood.

👉 USD/CAD is trading around 1.35, with the Canadian dollar and oil seemingly shrugging off an increase in inventories.

👉 EUR/USD is trading above 1.1365, hitting the highest since June 11, underpinned by dollar weakness. German Chancellor Angela Merkel urged her peers to approve the ambitious EU Fund. The "Frugal Four" maintain their objection to €500 billion of grants. Leaders will hold a face-to-face meeting next week.


As we have observed earlier in the Currency Monitoring Chart, we discovered that EUR/NZD lines are separated with the farthest distance. Screenshot taken as of 9:45 am Philippine time.
Currency Monitoring EURNZD (7.9.20) - Forex Trading tutorials for beginners in the Philippines


The following is AUD/JPY looking at 4 hour chart:
AUDJPY 4 hour chart (7.9.20) MetaTrader 4 axicorp financial services



INTRADAY MARKET INSIGHTS


USD/JPY Intraday: 
Under pressure. The pair has failed to post a sustainable rebound from a low of 107.15 seen overnight. It remains capped by the descending 20-period moving average. A return to 107.15 would open a path toward the next downside target at 107.00. Only a break above the key resistance at 107.40 would bring about a bullish reversal.

EUR/USD Intraday:
Upside prevails. The pair keeps trading on the upside following a strong rally yesterday. It is currently striking against the upper Bollinger band while being supported by the ascending 20-period moving average. A further advance should bring the pair to upside targets at 1.1355 and 1.1375. Key support is located at 1.1310.

AUD/USD Intraday:
Further advance. The pair edged higher along the upper Bollinger band. Currently, the pair is supported by a rising 20-period moving average. The relative strength index is locating at 60s, suggesting the upward momentum for the prices. Hence, as long as 0.6960 is not broken, expect a rise with targets at 0.7000 and 0.7020 in extension. On the other hand, a break below 0.6960 would bring a return with 0.6945 and 0.6930 as targets.

NZD/USD intraday: 
Upside prevails. The pair is holding on the upside and is supported by both rising 20-period and 50-period moving averages. The relative strength index is locating at the buying zone between 50 and 70, confirming a bullish outlook. To conclude, unless the support level at 0.6548 is violated, the pair should reach 0.6612 and 0.6631 on the upside. Alternatively, crossing below 0.6548 would open a path to 0.6517 on the downside.

GBP/USD Intraday: 
Further advance. Although the pair eased after yesterday's upward acceleration, it still stays above the rising 20-period moving average. The relative strength index remains above its neutrality level at 50, suggesting the lack of downward momentum for the prices. In this case, as long as the support level at 1.2580 is not broken, intraday bullish bias remains with up targets at 1.2635 and 1.2655 in extension. Alternatively, crossing below 1.2580 would bring a return with 1.2560 and 1.2535 as targets.

USD/CHF Intraday: 
Under pressure. The pair is under pressure below the key resistance level at 0.9395, which should limit the upside potential. The relative strength index is locating at the selling zone between 30 and 50. To sum up, as long as the resistance at 0.9395 is not surpassed, a further downside to 0.9365 and even to 0.9350 seems more likely to occur. In an alternative scenario, a break above 0.9395 would trigger a technical rebound with 0.9415 and 0.9430 as targets.

USD/CAD Intraday: 
Currently trading at CAD 1.3500, the US Dollar is on the downside, capped by its declining 20-hour moving average while challenging a key support at CAD 1.349, likely to be broken down soon and to trigger a bearish acceleration. Indeed, the 14-hour RSI is bearish, oversold but not posting any bullish reversal sign while the pair is just above a strong support, thus the odds of a downside breakout of this CAD 1.349 key support, already tested too many time, is high. As a consequence, below Thursday high at CAD 1.3525, look for a downside breakout of CAD 1.349 to trigger a sharp correction toward CAD 1.347 and CAD 1.3435 in extension. Only a push above CAD 1.3525 would lower the immediate corrective risk and favour a recovery towards CAD 1.3565 and CAD 1.359.

EUR/JPY Intraday: 
Further advance. The pair has broken above a bearish channel drawn from July 6. Currently, the 20-period moving average has crossed above the 50-period one, and the relative strength index stands above the neutrality level of 50, signaling a bullish bias. Unless the key support at 121.13 is violated, the pair should climb to 122.11 and 122.38. Alternatively, below 121.13, expect a drop to 120.68.

Trading Central EURJPY intraday (7.9.20) - Forex Trading tutorials for beginners in the Philippines

PivotLast
121.13

121.54

ResistancesSupports
122.65
122.38
122.11
121.13
120.68
120.41

EUR/GBP Intraday: 
Downside prevails. The pair remains on the downside as it has formed a lower-high. In fact, it is capped by both the 20-period and 50-period moving averages, while the relative strength index stays in the 40s, indicating a bearish bias. Below the key resistance at 0.9012, expect a decline to 0.8947 and 0.8930. Alternatively, a break above 0.9012 would open a path to 0.9041 on the upside.