Intraday Forex Friday, January 14 (EURUSD, USDJPY, etc). Dollar headed for its largest weekly fall as investors trimmed long positions.


Hi everyone. This observation is made around 07:15 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

The dollar is set for its largest weekly fall against most of other currencies pair on Friday as investors trimmed long positions and deemed, for now, that several U.S. rate hikes this year are fully priced in. Traders awaited more economic data for clarity about the Federal Reserve's tapering policy.
US 10-year Treasury yields eased off two-year highs hit earlier this week.

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  • The euro was steady at $1.14782, up 0.20% on the day, hovering near its more than two-month high of $1.14825 touched earlier today, and on the move to end the week with around 0.8% gains.​
  • EUR/USD rallied on signs of strength within the Eurozone economy. Italy Nov industrial production rose +1.9% m/m, the largest increase in 13 months.​
  • While the dollar struggling after a lower T-note yields Wednesday pressured the dollar following the U.S. December consumer prices figures.​
  • Also, upbeat comments from ECB Vice President Guindos on Thursday boosted EUR/USD when he said economic activity is in line with ECB projections and the Omicron variant is unlikely to derail the 2022 Eurozone recovery.​
  • Bulls have finally made a forward-push in EUR/USD. After spending around two months chopping back-and-forth in a tighter and tighter range, bullish potential began to show more recently with a formation showing inside of the sloppy chop. A continuation of the surge would have to pass the 1.150 level, before aiming at the next resistance at 1.155.​
Important Levels to Watch for Today:​
  • Resistance line of 1.15054 and 1.15542.​
  • Support line of 1.14078 and 1.13590.​

  • The Japanese yen extended recent gains, trading at 113.779, near its strongest level against the greenback in more than 3-weeks.​
  • The USD/JPY is now en route for more than 1% weekly loss for the week, the first after several weeks.​
  • While Fed's hawkish shift has tended to benefit the U.S. dollar, it was losing ground against the Japanese yen, as the yen found a bid amid the risk-off mood. A much of decline in Japan’s Nikkei Stock Index today and yesterday boosted the safe-haven demand for the yen.​
  • The USD/JPY pair continues to march towards the previous consolidation channel, and toward a 112.80 support line as price action has reversed since touching the recent ceiling.​
Important Levels to Watch for Today:​
  • Resistance line of 114.993 and 115.724
  • Support line of 113.531 and 112.800.​

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