Forex Insights 26-March-2019
Analysts explained that USD/JPY has eroded the 55-day ma and the 2-month uptrend at 110.25/33
USD/JPY is currently trading at 110 the figure, trading between a range of 110.24 and 109.70.
Japanese yen near six-week highs on global growth fears and moved for its biggest gain since January as safe-haven buying propelled the currency.
USD/JPY attempts the retrace the sharp decline following the Federal Reserve meeting, with the pickup in volatility spurring a more material shift in FX sentiment, but recent price action raises the risk for a further decline in the dollar-yen exchange rate as it extends the series of lower highs & lows from the previous week.
Euro firmed on Monday as a stronger-than-forecast German business confidence survey allayed some fears about a recession and pulled the safe-haven yen from a 6-week high against the dollar.
Euro gets a boost as IFO survey data beats forecast
EURJPY surged 0.46 percent to a high of 124.81
EUR/USD vulnerable to furthernear-term losses – focus is on uptrend support just lower
Euro is down more than 1.1% from the Pre-FOMC high against the US Dollar after turning precisely off yearly open resistance last week.
GBPUSD overnight implied volatility has jumped to its highest level since November 15 as forex option traders price in the latest Brexit uncertainty.
GBPUSD currency traders who utilize options to hedge their positions and reflects the market’s view that spot prices could experience significant swings over the contract’s respective duration.
Prime Minister Theresa May stated that she will not put her Withdrawal Agreement to a vote tomorrow due to continued lack of majority support as the latest Brexit drama drags on.
Currency markets still await clarity on the next direction of Brexit and its impact on the Sterling as the risk of UK departing the EU without a deal remains elevated .
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