TRADING TIPS :
- USD/JPY falls on renewed expectations for Fed to keep rates low
- Forex – EUR/USD gains as dollar slips on Federal Reserve outlook
- Forex – GBP/USD almost unchanged after U.K. data
USD/JPY was down 0.33% and trading at 101.39, up from a session low of 101.32 and off a high of 101.73. The pair was expected to test support at 101.32, the earlier low, and resistance at 102.17, Tuesday’s high. On Thursday, St. Louis Federal Reserve President James Bullard told Fox Business Network that an improving economy may make conditions ripe for interest rates to rise possibly in early 2015.
In U.S. trading, EUR/USD was up 0.16% at 1.3634, up from a session low of 1.3610 and off a high of 1.3643. The pair was likely to find support at 1.3576, Thursday’s low, and resistance at 1.3677, the high from June 6. The dollar fell on Friday after markets bet the Federal Reserve will keep interest rates low for some time to come.
GBP/USD hit 1.7051 during European morning trade, the pair’s highest since June 20; the pair subsequently consolidated at 1.7033, inching up 0.04%. Cable was likely to find support at 1.6952, the low of June 25 and resistance at 1.7063, the high of June 19 and a five-year high.
1. Buy GBP/USD Above 1.7050- TG: 1.7080/ 1.7110 SL 1.7020
2. Sell GBP/USD Below 1.7020- TG: 1.6990/ 1.6960 SL 1.7050