The USD/JPY (yen) pair rose significantly during the session on Tuesday, as the bottom of the consolidation yet again offered support.We are longer-term bulls when it comes to this pair, and believe that the next significant barrier to get past as the 103 level.
On a slow news day, with only Construction PMI on the horizon in the UK, Ukraine will continue to dominate.
EURUSD broke above 1.3773 resistance, indicating that the uptrend from 1.3477 has resumed.
USDJPY broke below 101.38 support, indicating that the uptrend from 100.75 had completed.
After touching 0.8906 support, AUDUSD rebounded to 0.8971, indicating that the pair remains in consolidation of the uptrend from 0.8660.
The GBP/USD pair fell during the session on Thursday, only to turn back around and form a hammer for the second day in a row.
The USD/JPY pair initially fell during the session on Friday, but as you can see found enough support at the 102 level in order to go higher and form a hammer yet again.
USDCAD bounced strongly from 1.0910, indicating that the downward movement from 1.1224 had completed.
Looks like the markets just about managed to avoid a mauling by the bears, who have now temporarily retreated to lick their wounds!
The first FOMC meeting this week is an historic one for many reasons. First it is the last time Ben Bernanke will chair the meeting. Second, for the first time in the FED’s history the Chair will be held by a woman, and third with several new members the voting pattern will be scrutinised very closely by the markets.
