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 31^st, 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

http://www.CMTrading.com 

      

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