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The Dollar Index Holds Near 9-Month Low

ByTFI Markets
Published 10/25/2013, 03:57 AM
Updated 04/25/2018, 04:40 AM
News & Events

The dollar index holds near 9-month low as it seems more and more possible for FED to hold asset purchases as they currently stand, until late Q1 2014. EURUSD not much off yesterday’s fresh high and looks resilient to a retracement at the moment. Nevertheless there is substantial resistance at 1.3830 area and breaking above is a crucial determinant for its medium term future. The falling Japanese treasury yields create an issue for USDJPY as there might be a switch to dollar denominated bonds that offer better yields. Nevertheless USDJPY remains very close to important support at 97.15.
Technical Analysis
Trade Idea

USDJPY 4H Chart:

The pair is testing for a third consecutive day crucial support at 97.15 area. A break and close below will quickly lead the pair to the next equally crucial support of 0.9655. In the scenario that this support also is penetrated then we are looking into sizably more losses in the medium to long term.
USD/JPY
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This document should not be relied upon as being an impartial or objective assessment of the subject matter and is not deemed to be “investment research” as defined by the applicable law. This document has been issued by TFI FX only for information purposes and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action.

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