The US dollar rallied initially during the trading session Monday, but as you can see gave up the gains against the Japanese yen. At this point, we are reaching towards the bottom of the overall range.
The British pound has fallen a bit during the course of the trading session on Monday, to slice through the ¥150 level. This of course is a very negative turn of events.
It’s a particularly quiet day ahead on the economic calendar. There are no material stats to shift market sentiment following Friday’s moves across the majors.
The early direction of the USD/JPY on Monday is likely to be determined by trader reaction to 109.938.
The US dollar has fallen significantly during the course of the week but then turned around on Thursday as the retail sales number came off strong, suggesting that tapering was still very much a possibility from the Federal Reserve.
The British pound has gone back and forth during the course of the trading week to form a rather neutral candlestick. At this point, we have to discern whether the next move is going to be higher or lower.
The British pound bounced a bit against the Japanese yen during the trading session on Friday after forming a couple of hammers for both Wednesday and Thursday.
The British pound has gone back and forth during the trading session against the Japanese yen near the 151 level, an area that has been noisy a couple of times in the past.
It’s a busy economic calendar, with ECB President Lagarde also scheduled to speak. Economic data from the U.S will be key later in the day, however.
The US dollar fell significantly during the course of the trading session early on Wednesday, with the risk appetite of traders around the world looking at risk overall.
The British pound fell a bit during the course of the trading session on Friday, only to turn around and show signs of life again.
The direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the 50% level at 109.569.