In Asian Forex Market the Japanese Yen was climbing up and traded at the level of Y105. In the second half of market against the background of the widespread rumour that some institutions would be ranked down and the oil price moved up $1 the currency pair the Japanese currency extended gains against the greenbacks. The statement of RBA, Australian central bank, which seemed soft to traders, leaded Yen-strengthening against Australian Dollar.
EURJPY demonstrated falling to the European session on Monday. In the Asian session the European common currency traded in the narrow range between Y167.05 and 39. But at the beginning of the European session Euro extended losses and was down to Y166.50 and was now recovered to the level of 166.70.
Daily stochastic fell down into oversold zone that point out increasing risks of correction of currency course. Daily momentum still exits on the negative zone and continues bear’s trend. But some factors show risks of recovering the course.
RES3: 107.15 21-day moving average
RES2: 106.30 maximum of 09 Jun.
RES1: 106.07, 24 1% envelope and 5-day moving average
current price : Y105.73
SUP1: 105.52 50-day moving average, 74% Fibonacci retracement
SUP2: 105.06 minimum of 06 Jun.
SUP3: 104.52, 43 minimum of 08 and 01 Jun.
SUP4: 103.64 61.8% Fibonacci retracement
