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2 Apr 2014
Session Recap: USD/JPY confirms uptrend while the EUR/USD takes it easy
FXStreet (San Francisco) - The USD/JPY was the star of the day. The currency market performed a choppy day fueled by yesterday's Yellen comments and risk appetite on US data. EUR/USD advanced for third day while the USD/JPY finished ready to test the 103.75.
The USD/JPY advanced for fourth day as the pair joined the market's hungry for riskier assets. The pair rose 0.43% on the day as it is trading now at 103.66. USD/JPY posted a daily high of 103.75 and a low of 103.10. In the short term, "the hourly chart maintains a bullish technical tone, while the 4 hours chart shows indicators still aiming higher despite in overbought territory," comments FXStreet Valeria Bednarik. "Renewed strength beyond mentioned high should signal another leg higher, eyeing then 104.80 as next bullish target."
On the Euro land, the EUR/USD advanced for third day, however today the pair was able to break above 1.3800, shortly but it already happened. The pair did its best to close above the this mark but it was unable as it closed at 1.3790. Having made a daily high at 1.3716, the spot was 0.18% positive on the day.
Buyers are seen around 1.3750/80; however any upside is limited at 1.3830 ahead of ECB meeting.
Main headlines in the American session
US: PMI Manufacturing down to 55.5 in March
US: ISM Manufacturing PMI rises less than expected in March
US Total Vehicle Sales beat forecasts (15.8M) in March: Actual (16.33M)
Wall Street rallies on the first day of the second quarter
The USD/JPY advanced for fourth day as the pair joined the market's hungry for riskier assets. The pair rose 0.43% on the day as it is trading now at 103.66. USD/JPY posted a daily high of 103.75 and a low of 103.10. In the short term, "the hourly chart maintains a bullish technical tone, while the 4 hours chart shows indicators still aiming higher despite in overbought territory," comments FXStreet Valeria Bednarik. "Renewed strength beyond mentioned high should signal another leg higher, eyeing then 104.80 as next bullish target."
On the Euro land, the EUR/USD advanced for third day, however today the pair was able to break above 1.3800, shortly but it already happened. The pair did its best to close above the this mark but it was unable as it closed at 1.3790. Having made a daily high at 1.3716, the spot was 0.18% positive on the day.
Buyers are seen around 1.3750/80; however any upside is limited at 1.3830 ahead of ECB meeting.
Main headlines in the American session
US: PMI Manufacturing down to 55.5 in March
US: ISM Manufacturing PMI rises less than expected in March
US Total Vehicle Sales beat forecasts (15.8M) in March: Actual (16.33M)
Wall Street rallies on the first day of the second quarter