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2013-06-11 05:00 GMT
USD/JPY searching for direction after BoJ Meeting
The USD/JPY has experienced a fairly volatile Asia session, at one point declining all the way down to 97.78 before finding support and currently consolidating near the 98.30 level. The main catalyst for the sharp drop appeared to come right after the Bank of Japan announced they wouldn’t be making any changes to current monetary policy.
Analysts on the FXStreet.com team noted although many had expected the policy to remain unchanged, there were rumors circling of possible adjustments to help control the recent government bond market volatility which may have helped spark the initial declines when market participants saw the adjustments to current policy were not made. “The Bank of Japan monetary policy meeting offered no particular response to the latest episodes of market volatility in JGB, which includes the failure to change maturities of fixed rate operations in order to ease bond market volatility. Also, there had been some rumors about a proposal to extend the loans to 2 years, something that was not accepted, leading to a strong selling in both the Nikkei and USD/JPY,” FXstreet.com team concluded.
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N/A
Japan. BoJ Monetary Policy Statement
N/A
Germany. Germany Constitutional court ruling on OTM bond buying
2013-06-11 08:30 GMT
UK. Manufacturing Production
2013-06-11 14:00 GMT
UK. NIESR GDP Estimate
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2013-06-11 05:00 GMT
USD/JPY searching for direction after BoJ Meeting
2013-06-11 04:43 GMT
10% appreciation by the USD in 12-18 months - Societe Generale
2013-06-11 04:34 GMT
AUD/USD faces deeper falls on clean 0.94 breakout - JPMorgan
2013-06-11 04:01 GMT
GBP/USD possibly gunning for 1.5800 - 2ndSkies
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EURUSD
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HIGH
1.32917
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LOW
1.32474
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BID
1.32702
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ASK
1.32705
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CHANGE
0.11%
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TIME
08:27:25
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Market remains relatively stable, though clearance of next resistance level at 1.3292 (R1) might initiates bullish pressure. Above the local high locates our resistive means at 1.3321 (R2) and 1.3350 (R3).
Downwards scenario: Activation of bearish forces is possible below the support level at 1.3244 (S1). Clearance here would suggest next interim target at 1.3216 (S2) and if the price holds its momentum we would suggest final aim at 1.3187 (S3).
Resistance Levels: 1.3292, 1.3321, 1.3350
Support Levels: 1.3244, 1.3216, 1.3187
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GBPUSD
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HIGH
1.5602
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LOW
1.55563
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BID
1.55820
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ASK
1.55825
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CHANGE
0.06%
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TIME
08:27:25
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: Resistance level at 1.5602 (R1) acts as reference point for further market strengthening. Break here is required to enable next interim target at 1.5635 (R2) en route towards to final aim for today at 1.5667 (R3).
Downwards scenario: Though, possibility of correction is high. Devaluation below the support at 1.5552 (S1) would initiate bearish pressure. On the way our next interim support at 1.5521 (S2) en route to final target at 1.5488 (S3).
Resistance Levels: 1.5602, 1.5635, 1.5667
Support Levels: 1.5552, 1.5521, 1.5488
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USDJPY
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HIGH
99.056
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LOW
97.791
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BID
98.226
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ASK
98.231
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CHANGE
-0.52%
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TIME
08:27:26
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: USDJPY commence correction phase and currently any upside action is limited to the next resistive structure at 98.58 (R1). Break here is required to enable upside pressure towards to intraday targets at 98.95 (R2) and 99.33 (R3).
Downwards scenario: Prolonged movement below the supportive measure at 97.77 (S1) is required to activate downtrend expansion. Next aim on the way would be mark at 97.36 (S2) and then final target could be met at 96.97 (S3).
Resistance Levels: 98.58, 98.95, 99.33
Support Levels: 97.77, 97.36, 96.97
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