USD/JPY prolonged its decline by falling 1.2% yesterday, as the pair continues its phase of correction.
Yesterday, the yellow metal was rather volatile in terms of price changes, as at first mostly negative data on European PMI indicators pushed the Gold to trade higher, while later optimistic German and US statistics made the bullion to decrease in price.
On Tuesday, the Euro traded in a mixed environment against the various currencies on the foreign exchange market.
GBP/USD dipped 0.58% yesterday, as most of the US data were released positive.
USD/JPY slipped 0.71% in the first day of the week, as the pair continues its phase of correction.
Yesterday, the price of yellow metal lost as much as 2.40% and registered its fastest decline since November 27.
During the first day of the new trading week, the shared European currency managed to increase in value against the majority of currencies on the foreign exchange market.
The pair is consolidating around the 1.57 mark and it has left the boundaries of the down-trend that dictated the pair's movements since July.
Even though US Dollar rebounded rather strongly on Friday, it still lost value against the Japanese Yen on a daily basis.
On Friday, the bullion decided to consolidate further around the $1,220 level, as it lost just 0.42% during the trading day.
On the last day of the previous trading week, the single European currency showed a strong upward movement against all but one main currency on the foreign exchange market, decreasing only marginal 0.01% versus the Swiss franc.
Even though the USD/JPY pair appreciated yesterday and is trying to extend this climb, the pair has still declined on a weekly basis, as it dropped more than 400 pips in the first three days of the week, after reaching the highest level this year at 121.85. However, the pair's retreat was stopped, after the better-than-expected retail sales data in
The British currency has been the stronger performer amongst the two; moreover, it has left the down-trend's trading range. Although, to completely break the trend it has to breach the monthly PP at 1.5755. Yesterday the pair continue to advance, despite the surprisingly good retail sales numbers out of US.
During Thursday, the price of the yellow metal gained only 0.12%; however, it was among the only three commodities on the market to advance, along with corn and silver, as they added 1.21% and 0.18%, respectively.
Yesterday, the European currency traded in a mixed environment against different currencies, as the market tried to interpret results of the second round of ECB's targeted LTRO program.
"Pending orders in 100-pip range are strongly bearish with 69% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5641 and it is represented by weekly PP. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly R1 that is located at 1.5713." The British Pound
"The distribution between the buy and sell orders have narrowed; although, the buy ones are still in the lead - 58% and 42% respectively. That could lead to a rebound in price; although, that could be limited by the closest resistance that is located at 119.05 (weekly S1). At the same time, if the selling pressure continue to increase a
"Opened positions for Gold stay positive (59% bullish / 41% bearish). It is possible that Gold will continue growing in price, with the closest resistance for it located at 1,244 and is represented by the monthly R2. At the same time, the probability of a downside movement exists as well, while for that purpose the closest support is placed at
"Pending orders in 100-pip range from the current market price were unchanged during last 24 hours and stayed negative (42% bullish / 58% bearish). In case the pair increases in price, the closest resistance for it is located at 1.2468 and is represented by the monthly pivot point. At the same time, the downward movement is possible as well, while
"The distribution between the buy and sell orders have widened substantially and they are at 77% and 23% respectively. That could lead to a rebound in price; although, that could be limited by the closest resistance that is located at 120.37 (weekly PP). At the same time, if the selling pressure continue to increase a decline could be limited by
"Pending orders in 100-pip range are strongly bearish with 64% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5641 and it is represented by weekly PP. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly R1 that is located at 1.5713." GBP/USD rose slightly,
"Opened positions for Gold stay positive (58% bullish / 42% bearish). It is possible that Gold will continue growing in price, with the closest resistance for it located at 1,244 and is represented by the monthly R2. At the same time, the probability of a downside movement exists as well, while for that purpose the closest support is placed at
"Pending orders in 100-pip range from the current market price changed to negative (42% bullish / 58% bearish). However, it is still likely that the pair will increase in price, with the closest resistance for it located at 1.2434 and is represented by the weekly R1 and the 20-day SMA. At the same time, the downward movement is possible as
"Pending orders in 100-pip range are strongly bearish with 61% of them set to sell. Therefore, a decrease in value is likely, the closest support is placed at 1.5641 and it is represented by weekly PP. Meanwhile, an advance remains a possibility, while for that purpose the closest resistance is the weekly R1 that is located at 1.5713." After sliding to