COZforex: The US dollar edged lower against the yen on Thursday, but the pair was still trading close to a two-and-a-half year high, supported by the announcement of a US budget deal slated to avoid the country a fiscal crisis.
USD/JPY hit 87.09 during European morning trade, the session low; the pair subsequently consolidated at 87.20, slipping 0.16%. COZ senior foreign exchange risk investment trader Desmond Doyle said, the pair is predicted to find its first resistance at 87.41, and a rose through could take it to the next resistance line of 87.58. Also, the pair is predicted to find support at 87.02, and a fell through could take it to the next support line of 86.79.
Market sentiment strengthened on Wednesday after US lawmakers passed a compromise bill to avoid the fiscal cliff, blocking a series of looming tax increases and spending cuts that could have pushed the US economy back into a recession. However, investors remained jittery over the longer term outlook, with negotiations on raising the US debt ceiling still to come in February.
Meanwhile, sentiment on the yen remained fragile during ongoing predictions for further easing measures by the Bank of Japan.
Also Thursday, Spain’s Employment Ministry said the number of unemployed people fell by a seasonally adjusted 59,100 in December, defying predictions for an increase of 50,300. The number of unemployed people in Spain rise by an unrevised 74,300 in November.
Later in the day, the US was to release a report on ADP nonfarm payrolls, as well as its weekly government report on initial jobless claims. Furthermore, the Federal Reserve was to publish the minutes of its most recent policy-setting meeting.
COZ forex UK
USD/JPY hit 87.09 during European morning trade, the session low; the pair subsequently consolidated at 87.20, slipping 0.16%. COZ senior foreign exchange risk investment trader Desmond Doyle said, the pair is predicted to find its first resistance at 87.41, and a rose through could take it to the next resistance line of 87.58. Also, the pair is predicted to find support at 87.02, and a fell through could take it to the next support line of 86.79.
Market sentiment strengthened on Wednesday after US lawmakers passed a compromise bill to avoid the fiscal cliff, blocking a series of looming tax increases and spending cuts that could have pushed the US economy back into a recession. However, investors remained jittery over the longer term outlook, with negotiations on raising the US debt ceiling still to come in February.
Meanwhile, sentiment on the yen remained fragile during ongoing predictions for further easing measures by the Bank of Japan.
Also Thursday, Spain’s Employment Ministry said the number of unemployed people fell by a seasonally adjusted 59,100 in December, defying predictions for an increase of 50,300. The number of unemployed people in Spain rise by an unrevised 74,300 in November.
Later in the day, the US was to release a report on ADP nonfarm payrolls, as well as its weekly government report on initial jobless claims. Furthermore, the Federal Reserve was to publish the minutes of its most recent policy-setting meeting.
COZ forex UK