Thursday, January 31, 2013

Daily Market Analysis – Will the JPY’s Freefall continue?



01/31/2013

For those traders and investors expecting the JPY to recover, it’s difficult to tell if the trend will shift any time soon. JPY unemployment data will be released at 18:30 EST. Prior to this data release, US employment numbers and various other economic reports are being reported at 8:30am EST. For those interested in a more in depth analysis, we at CM trading are here to assist those who are interested in profiting from the financial markets.

EURUSD 

The pair rocketed all the way to 1.3586 in yesterday’s trading session.   On the downside, targets to be aware of are 1.3535 followed by 1.3500. If the pair breaks higher, 1.3585 is the first target followed by 1.3610.

Resistance
R1: 1.3585
R2: 1.361
R3: 1.3650
Support
S1: 1.3535
S2: 1.35                   
S3: 1.3470

 

USDJPY

Its currently trading at 90.99 with targets on the downside at 90.70 and .90.30.  On the upside its first target is 91.20 followed by 91.40. At 18:30 EST, monthly unemployment numbers are being released that if lower than expected would be bullish for the JPY(bearish for the pair).

Resistance
R1: 91.20
R2: 91.40
R3: 91.40
Support
S1: 90.70
S2: 90.30
S3: 89.85

 

GBPUSD

So far today the GBPUSD has reached 1.5841 and is currently trading at 1.5790. Current targets on the upside are 1.5840 followed by 1.5895. On the downside targets are 1.5765 and 1.5720.

Resistance
R1: 1.5840
R2: 1.5895
R3: 1.5945
Support
S1: 1.5765
S2: 1.5720
S3: 1.5675

 

Gold

Gold is trading at $1675.20, down from its high of $1680.40. Targets on the upside are $1704.48 and $1718.10. If gold heads lower, price levels to watch are $1663.00 and $1653.70.

Resistance
R1: 1704.48
R2: 1718.10
R3: 1721.30
Support
S1: 1663.00
S2: 1653.70
S3: 1644.10

 

Daily Calendar for Thursday, January 31st, 2013   

Time
Currency
Event
Actual
Forecast
Previous
08:30
USD
Initial Jobless Claims

350K
330K
18:30
JPY
Unemployment Rate

4.1%
4.1%

Successful Trading!

Jacob Fendrich
Senior Market Analyst
      

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