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Opened in Asia at 78 90 and edged down to Y78 84

Article By: ,  Financial Analyst
March 18, 2011 4:00 PM

 

USD/JPY
Range: 78.83 – 81.93
Support: 81.00
Resistance: 82.30
Opened in Asia at $78.90 and edged down to Y78.84, but intervention from the BOJ at 0000GMT curbed any further fall in the dollar with the pair flying to Y81.49. The communiqué from the G7 statement supported joint coordination by central banks which has added purpose to the BOJ’s actions, particularly with Japan on holiday on Monday. The pair then slipped back to Y81.06 before resuming a climb to Y81.93 with further Sovereign. Further moves from the ECB, BOE and Fed are likely later in the day. The move also promoted a sharp rally in Asian stocks. On a further note the UN agreed a no-fly zone over Libya with possible military action to follow and Japan appears to have radiation levels back towards normal levels at the reactors at Fukushima, but the battle to control overheating at the reactors remains.
EUR/USD

    

 

Range: 1.3980 – 1.4088
Support:1.3970
Resistance:1.4100
Rate dropped back below $1.4000 in early Asian trade as the BOJ/MOF conducted well advertised dollar-yen buy intervention. The move up in the dollar initially weighed back on euro-dollar, taking rate to session lows of $1.3980 before comments from FinMin Noda suggesting the ECB could also join the action in early Europe, possibly via euro-yen buys. This comment spiked euro-yen higher, taking euro-dollar through Thursday’s high of $1.4053 and on to $1.4088. Move took out a barrier at $1.4075 but move faltered ahead of next barrier at $1.4100. However, one trader notes that decent buy stops reside on a break of $1.4090, seeing no notable sell interest until $1.4150. Rate currently trades back around $1.4065 in early Europe, with market wary of fresh intervention as European markets begin.

 

Gold

 Spot Gold rallied steadily yesterday from opening levels around of $1392 and closed the day around $1404 largely on a weaker dollar, but has since risen in the overnight Asian markets on safe-haven buying as the UN imposes a no-fly zone over Libya and oil prices rally sharply. Asia has taken the metal to $1413.50 as Europe opens for business with the price currently trading a fraction higher at $1413.80. Resistance ahead is now seen at $1417.30 and $1430.70 ahead of the all time high of $1444.95 seen on Mar 7. Support is now at $1390.80 and $1386.85.

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