Copper price remains stable since yesterday below $5.0600 barrier, forming more of the intraday sideways trading, reminding you that there are positive factors, especially with its stability within the bullish channel’s levels, besides the continuation of providing positive momentum by the main indicators will increase the chances of achieving the required breach, to open the way for recording extra gains that might extend towards $5.2000 and $5.3200.
The risk of changing the positive trend of the current trading if it breaks the extra support near $4.7500, which might force it to suffer some losses by reaching $4.550 and $4.4100 before reaching the suggested positive targets.
The expected trading range for today is between $4.8800 and $5.2000
EUR/JPY remains stronger for the fourth successive session, trading around 177.40 during the European hours, near 177.46, an all-time high reached on Wednesday. The technical analysis of the daily chart indicates that short-term price momentum is stronger as the currency cross rises above the nine-day Exponential Moving Average (EMA).
However, the 14-day Relative Strength Index (RSI) moves slightly above the 70 mark, suggesting that the EUR/JPY cross is trading in an overbought territory and a risk for a downward correction at any time soon.
The EUR/JPY cross may target the new all-time high of 176.46, which was recorded on October 8. Further advances would support the currency cross to explore the region around the psychological level of 177.00.
On the downside, the primary support appears at the nine-day EMA of 175.17. A break below this level could weaken the short-term price momentum and lead the EUR/JPY cross to test the 50-day EMA at 172.99, followed by the five-week low of 172.14, which was recorded on September 9.
Further declines would weaken the medium-term price momentum and put downward pressure on the currency cross to navigate the region around the three-month low of 169.72, last seen on July 31.
EUR/JPY: Daily Chart
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the New Zealand Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.25%
0.08%
0.32%
0.03%
0.24%
0.75%
0.35%
EUR
-0.25%
-0.16%
0.11%
-0.21%
-0.04%
0.54%
0.10%
GBP
-0.08%
0.16%
0.29%
-0.03%
0.18%
0.71%
0.28%
JPY
-0.32%
-0.11%
-0.29%
-0.34%
-0.09%
0.36%
-0.04%
CAD
-0.03%
0.21%
0.03%
0.34%
0.21%
0.72%
0.31%
AUD
-0.24%
0.04%
-0.18%
0.09%
-0.21%
0.53%
0.14%
NZD
-0.75%
-0.54%
-0.71%
-0.36%
-0.72%
-0.53%
-0.41%
CHF
-0.35%
-0.10%
-0.28%
0.04%
-0.31%
-0.14%
0.41%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
The Pound to US Dollar exchange rate (GBP/USD) weakened on Tuesday amid a risk-off market mood.
At the time of writing, GBP/USD was trading at approximately $1.3435, down roughly 0.4% from the start of Tuesday’s session.
The US Dollar (USD) strengthened against several of its major peers during Tuesday’s European session, finding support despite a combination of domestic and policy headwinds.
While the ongoing US government shutdown and rising expectations for Federal Reserve interest rate cuts would typically weigh on the ‘Greenback’, demand for the safe-haven currency was bolstered by deteriorating risk sentiment.
A cautious market mood, fuelled by escalating geopolitical tensions in both Europe and Japan, prompted investors to seek shelter in safer assets.
This allowed the US Dollar to attract support and hold firm across much of the currency market throughout Tuesday’s European trade.
The Pound (GBP) edged lower against most of its major counterparts on Tuesday, as another session lacking in UK economic data left Sterling without a clear directional driver.
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With no fresh domestic catalysts to influence movement, GBP exchange rates were largely dictated by shifts in broader market sentiment.
The prevailing risk-off mood in global markets weighed on the increasingly risk-sensitive Pound, leaving it struggling to attract support throughout the session.
As investors favoured safer assets amid the cautious atmosphere, Sterling slipped against a number of its peers, particularly against its traditional safe-haven counterpart.
GBP/USD Forecast: FOMC Meeting Minutes to Drive Movement
Looking ahead to Wednesday’s European session, the GBP/USD exchange rate is expected to take its cues primarily from the publication of the Federal Reserve’s latest FOMC meeting minutes.
With markets currently pricing in a high probability of upcoming interest rate cuts, investors will be closely analysing the minutes for any hints about the Fed’s near-term policy direction.
Should the report strike a dovish tone and reinforce expectations for rate cuts in October and December, the US Dollar could come under renewed pressure in mid-week trade.
Equally, any signs of caution or pushback against market expectations may lend the ‘Greenback’ some support.
Turning to the Pound, the UK’s data calendar remains light, leaving GBP to once again trade largely at the mercy of external factors.
However, a speech from Bank of England (BoE) Chief Economist Huw Pill could inject some volatility into Sterling movement.
If Pill adopts a hawkish stance, this could provide the Pound with a modest boost during Wednesday’s European trading session.
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EUR/JPY gains 0.30% for the day on Tuesday, trading near a new record high of 176.60. The pair maintains strong bullish momentum, supported by the Japanese Yen’s (JPY) weakness following the political repercussions of Sanae Takaichi’s victory in Japan’s ruling Liberal Democratic Party leadership race, securing her position as the country’s next Prime Minister.
Investors perceive Takaichi as a leader favoring expansionary fiscal and monetary policies. Her election has revived expectations of fiscal stimulus and the maintenance of loose monetary conditions, reducing the likelihood of an interest rate hike by the Bank of Japan (BoJ) at its October 29-30 meeting. This outlook continues to weigh heavily on the JPY.
In Europe, the Euro (EUR) remains under pressure after the surprise resignation of French Prime Minister Sébastien Lecornu, announced just hours after he unveiled his new cabinet. This resignation, the fifth in less than two years, has reignited concerns about France’s political stability and, by extension, that of the Eurozone. Analysts at Scotiabank note that “Euro area government bond spreads have widened again, reflecting renewed concerns about fiscal fragmentation.”
Despite these political headwinds, the interest rate differential between the Eurozone and Japan continues to support the EUR/JPY pair.
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.34%
0.31%
0.64%
0.08%
0.38%
0.61%
0.18%
EUR
-0.34%
-0.02%
0.32%
-0.25%
0.07%
0.27%
-0.03%
GBP
-0.31%
0.02%
0.30%
-0.22%
0.13%
0.26%
-0.01%
JPY
-0.64%
-0.32%
-0.30%
-0.54%
-0.21%
-0.12%
-0.47%
CAD
-0.08%
0.25%
0.22%
0.54%
0.30%
0.49%
0.22%
AUD
-0.38%
-0.07%
-0.13%
0.21%
-0.30%
0.06%
-0.16%
NZD
-0.61%
-0.27%
-0.26%
0.12%
-0.49%
-0.06%
-0.35%
CHF
-0.18%
0.03%
0.01%
0.47%
-0.22%
0.16%
0.35%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
The US dollar continues to skyrocket against the Japanese yen, and we have not gotten the pullback that I would like to see in order to find enough value to get involved. The gap right now pretty much requires a 300 pip stop loss, so unless you’re willing to take that trade, I think at this point in time, you’re waiting for a pullback to get involved. If we can break above the 151 yen level, then I think you essentially have to hold your nose and just buy. So obviously, we are bullish, we’re going to remain bullish. I don’t see how that changes.
AUD/USD Technical Analysis
The Australian dollar is slightly negative during the session as it looks like the 0.66 level is now starting to offer a bit of a magnet for price, if you will. So, with that being the case, I think this is a market that probably finds its way lower. I don’t like the Australian dollar. I don’t like anything against the dollar at the moment, with the exception of maybe the Mexican peso, oddly enough.
So, at this point in time, this is a market that I think you’re looking to sell if we get a little bit of downward momentum. But right now, I think you’re in a situation where it’s probably more neutral than anything else and it’s lackluster trading.
For a look at all of today’s economic events, check out our economic calendar.
The British pound has rallied again during the early hours on Monday as we continue to see plenty of support near the 1.34 level.
This is an area that continues to be noisy overall, and therefore it is worth noting that the market is essentially hanging around in the same range that we have been in for a while, therefore I think we need to determine whether or not we are going to make a bigger move.
Range bound?
At this point we have to determine whether or not we remain range bound, and I think you have to lean toward a definitive “yes” at the moment, which of course will have a lot of people thinking that we are going to continue to be a “buy on the dips” type of situation. At this point, it’s not really until we break down below the 1.3350 level that I would be concerned about the British pound, because it’s also worth noting that even when the US dollar was strong last year, the British pound was by far the most resilient currency against it.
If we do break down below the 1.3350 level, then we will be paying close attention to the 200 Day EMA, which is a long-term trend determining indicator, and anything below there would of course have people very interested in shorting this pair from a longer-term standpoint. It would also more likely than not go the US dollar strengthening against multiple other currencies, so despite the fact that we might see the British pound fall at that point, you probably have even more profits to be made by the US dollar against other major currency such as the euro or the Canadian dollar. Regardless, even if you are not trading this pair, I think it is very important to pay attention to the British pound because it could be a bit of a secondary indicator.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
The US dollar has gapped higher against the Japanese yen to kick off the trading session here on Monday after the surprise results of the Japanese national election. That being said, I don’t put a lot of faith into these types of moves. Historically speaking, at least I should say that I don’t chase them.
I think at this point in time, it’s very likely that the gap will probably at least be attempted to be filled. Whether or not that happens, we’ll have to wait and see. It does make a certain amount of sense in that the 149 yen level offers a little bit of support here as it was previously resistance. But breaking down below there, we then have the 200-day EMA at the bottom of the gap as well as the 50-day EMA offering support.
Pullbacks Offer Opportunities
I think any pullback at this juncture probably has people looking to buy value. And quite frankly, that is basically how I believe this pair has been leaning for a while. I say leaning because it seems like every time we drop toward the 146 yen level, there are plenty of buyers. Remember, this is a positive swap pair if you are long, and you do get paid to hang on to it. And I think that’s part of what’s been going on here. I know certainly I’ve padded my account fairly well just doing that. As I found myself in a long position this morning, I actually closed it out, and I’m waiting at this point for a little bit of a pullback, maybe over the next couple of days to take advantage of. On the other hand, if we do just simply take off to the upside, which can happen. Once we’re above the 151 yen level at that point, I think we are likely to go much higher, so I might be forced to chase the pair up there.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
The euro has initially fallen during the trading session here on Monday to break down to test this crucial uptrend line. That being said, it does look like they are at least trying to save the euro in early trading. A lot of things are going on in this chart that you may or may not be aware of.
The 50-day EMA and the uptrend line, both of course, offer a certain amount of support. But what really captures my attention at the moment at least, is the fact that the peak was the FOMC press conference. We haven’t broken above that high since. And while everybody is suggesting that the US dollar is going to collapse and the world’s reserve currency will become the Chinese Yuan, the reality is the US dollar isn’t going anywhere. And I think we’re on the precipice of something rather big.
Time to Short? Maybe Not Yet.
Now, I can’t say that it’s time to start shorting quite yet. But if this pair breaks down below the 1.16 level, I won’t hesitate because it has shown me that, despite the fact that there is a central bank in the United States likely to cut rates at least one or two more times, the reality is people are starting to worry about the health of the global economic situation. And if that’s the case, that’s pro US dollar. You need US dollars to cover your debts. So, beyond that, I also think you need to keep an eye on the U.S. Treasury market. If rates start dropping, that could be a sign that people are preparing for the Fed to cut, but it could also be a sign that people are running to safety. And if that’s the case, if you’re in Europe, you need dollars to do that. If you’re in Great Britain, you will also need dollars to buy US Treasuries. So, a little bit of a push and pull situation here. On the upside, if we can break above the 1.18 level on a daily close again, then maybe we try to take out the high and go look into the 1.20 level. But right now, it’s not showing the proclivity to suddenly take off like I think a lot of you may have been anticipating.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
The EURJPY pair kept its positive stability above 175.20 level, confirming its surrender to the bullish bias dominance, to rally towards 176.30, which forces it to form an intraday rebound to gather more positive momentum for today.
Stochastic rally above 50 level will provide new chance for recording extra gains, to expect its rally towards 176.95, as surpassing this barrier will extend the trading towards the next target at 177.45, while the price decline below 175.20 and providing negative close might force it to form bearish corrective trading before reaching any suggested target.
The expected trading range for today is between 175.40 and 176.95
The EURJPY pair kept its positive stability above 175.20 level, confirming its surrender to the bullish bias dominance, to rally towards 176.30, which forces it to form an intraday rebound to gather more positive momentum for today.
Stochastic rally above 50 level will provide new chance for recording extra gains, to expect its rally towards 176.95, as surpassing this barrier will extend the trading towards the next target at 177.45, while the price decline below 175.20 and providing negative close might force it to form bearish corrective trading before reaching any suggested target.
The expected trading range for today is between 175.40 and 176.95
