Intraday Forex Thursday, October 15 (EURUSD, USDJPY, etc). Dollar dipped as risk appetite improves. Yen hits lowest in almost 3 years.


Hi everyone. This observation is made around 5:40 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares advanced on Friday, following overnight gains on Wall Street, though regional concerns about the Chinese economy capped gains.
Oil prices climb on power boost, set for multi-week gains. Gold set for its best week in more than five months.
The dollar headed for its weekly decline versus most major peers, as traders turned their attention to when the Fed will start raising interest rates. Improved market sentiment, which has lifted global stocks, commodity prices and bond yields, is also weighing on the safe-haven dollar.

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  • The euro rose 0.10% to $1.16087, hovered just below the $1.16240 on Thursday for the first time since Sept. 4.​
  • The broad selling pressure surrounding the greenback allowing the euro to head to some 0.23% gains for the week.​
  • The euro is trading higher in reaction to lower Treasury yields and a weaker U.S. dollar. The price action suggests short-covering and profit-taking is taking place after minutes from the FOMC’s September meeting, released Wednesday afternoon, showed that the central bank could begin the tapering process in mid-November or mid-December.​
  • A rally in the S&P 500 to a 2-1/2-week high Thursday also reduced the liquidity demand for the dollar.​
  • The EUR/USD pair faces solid resistance at 1.161 and finds difficulty to breach it. A break will confirm a price recovery is underway and the return to a previous consolidation range.​
Important Levels to Watch for:​
  • Resistance line of 1.16412 and 1.16837.​
  • Support line of 1.15562 and 1.15137.​

  • The Japanese yen traded at 113.987 per dollar, still weaker than levels below 112.8 seen against the greenback earlier this week.​
  • While declined against other forex, the dollar managed to maintain the momentum against the Japanese yen of the past five weeks, rising 0.27% on Friday and touching a high 113.952 yen for the first time since December 2018.​
  • The greenback had rallied since early September on expectations the U.S. central bank would tighten monetary policy more quickly than previously expected amid an improving economy and surging energy prices.​
  • The yen also fell further after a rally in the Nikkei Stock Index reduced the safe-haven demand for the yen.​
  • The USD/JPY pair has moved beyond previous resistance zone price line. The break confirms strong bullish sentiment and the continuation of a sharp rally that started at the beginning of October. RSI however testing overbought conditions, suggesting that the rally likely won’t last.​
Important Levels to Watch for Today:​
  • Resistance line of 114.051 and 114.299.​
  • Support line of 113.250 and 113.003.​

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