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USDJPY DAILY CHART – What’s the Nervous Zone?
USDJPY extended its high through 157.19, leaving it as initial support although expect bids below the market.
Move-up should put MoF/BoJ on intervention alert but it would be like pissing in the wind if US bond yields remain firm.
With that said, 157.99 is the last line of defense ahead of the 160.16 high so a level that the BoJ would not like to be broken. This would make 157.50-00 a nervous zone if it should trade.
While the move in the US 10-year Treasury bond yield above 4.50% has seen the forex market react (with a bit of a delay), the key yield is one set around the start of May at 4.69%. This leaves room on the upside in terms of yield should 4.50% become the new floor.
In any case, this article shows you
Today was a good example of a market trying to trade the old episode (dollar down) when a new one has begun. (dollar up).
This is why I look at the forex market as trading in episodes rather than trends.
Why You Need to Focus on Trading Episodes and Not Trends
US 10-YEAR TREASURY DAILY CHART (CFD)
You can see by this chart why the 4.50%ish area is important as it coincides with the low price for the month (higher yields = lower price and vice versa).
So keep an eye on US yields and whether the FX market starts to correlate (e.g. higher yields, firmer USD).
XAUUSD 4 HOUR CHART – POWER OF 50?
While XAUUSD has bounced after failing to reach 2300, it would need to regain 2370 to suggest the low might be in for now.
Meanwhile. it looks like the 2350 level is back in play as the intra-day bias setter.
SUGGESTED READING: My Favorite Trading Secret: The Power of the “50” Level
GBPUSD DAILY CHART – 1.28?
I posted a 4-hour GBPUSD chart earlier (scroll down to see levels) hat showed it lagging but has since shrugged that off (note EURGBP has dipped vs, an earlier bounce).
The daily chart, meanwhile, continues to show upside targets but 1.28 is one of those pivotal, some say psychological, other say options barrier levels that are so far causing a pause.
The key time on this chart is next month when support and the key trendline intersect.
Surgetrader, once considered one of the better-run firms in the prop trading industry, has closed its doors. This is another blow to an industry that has seen several prop trading firms cease operations.
Another One Bites the Dust: Surgetrader Shuts its Doors
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