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| | Demo|Live|Free Practice  Daily Newsletter: 08/07/2009
By Loic Bondiguel - ACM Advanced Currency Markets, Geneva, Switzerland | | | | USDJPY approaches its 4 Months low | News and Events: Tuesday began with FX markets and Equities looking like some risk was being put back into traders' books. EUR/USD rose above 1.4000, AUD/USD above 0.8000 while EUR/JPY hit 133.50 as both the USD and JPY lost ground.
The US session put paid to any thoughts of increased risk appetite and sent the Dollar and JPY back higher. Firstly, there was a statement from the House of Representatives that a further stimulus package could be required in the future. This sent equities tumbling and the negative sentiment was further cemented by news that credit card and home equity loan delinquencies had hit an all time high. The final nail in the coffin of optimism on the day was talk that the CFTC was said to be considering imposing limits on speculators in oil and other energy futures to try to combat some of the 'extreme' moves we have seen of late. This sent commodities, in general, lower with oil closing below $63 a barrel.
The rise of risk aversion seen yesterday continued to be the dominating factor with trading in the Far East.
EUR/JPY came under persistent pressure overnight from the beginning from 132.00 and eventually took out some sizeable stops at the 131.40 level.
In similar fashion, USD/JPY slipped lower an, despite encountering some strong buying at 94.60 and 94.50, later took out stops at the 94.45 area. EUR/USD felt the pressure of the cross supply and fell through 1.3900 to a low of 1.3862. Talk of sovereign demand at 1.3875 stemmed the flow and saw the market rise back to 1.3900.  Read Today's Key Issues and The Risk Today
| Resistance and Support: | EURUSD | GBPUSD | USDJPY | USDCHF | | 1.4100 | 1.6430 | 97.00 | 1.1130 | | 1.4055 | 1.6330 | 96.30 | 1.1060 | | 1.3970 | 1.6260 | 95.50 | 1.1025 | | 1.3905 | 1.6104 | 94.25 | 1.0901 | | 1.3805 | 1.6040 | 93.55 | 1.0800 | | 1.3750 | 1.5985 | 92.60 | 1.0780 | | 1.3725 | 1.5945 | 91.90 | 1.0705 | | S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot | | Quick access to our 5 previous newsletters: |
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