The end of the week strikes by U.S. and European combined forces on the pro Libyan strongman Col. Moammar Gadhafi loyalists may possibly increase desire for the safe haven assets, the yen and also the USD, as traders avoid more dangerous investments and assess the different geopolitical prospect. What’s driving the markets at the moment is the confidence on improving situation in Japan along with the G7′s push to weaken the yen, versus concerns regarding fighting in North Africa.
The yen had lost some ground during U.S. trading on Friday. Following the Bank of Japan’s intervention had been accompanied by other central banks from a group of Seven countries the dollar increased from an all-time low. The Bank of Japan spent 2 trillion, while central banks around Europe designated another $5 billion and the Fed spent $600 million selling the yen last Friday. In spite of the central banks’ intervention, several believe that the history will repeat itself once the JPY’s weakness in the immediate intervention aftermath was short lived and quite a few forex traders observed that as a fine chance to go long, or buy the yen, as it had been on sale post interventions.
So far today, confidence is overshadowing fears. And in all probability correctly so as most likely coalition forces will put an end to fighting in Libya, while stoic Japanese will certainly get back on their feet.
EUR/USD Forex Signals For Metatrader 4: The top of the 20-day Bolli Band at 1.4163 was cracked by the EUR, which is a bullish sign, but some delay is likely as the single currency rarely trades over the upper 20-day Bolli band for prolonged periods. The market structure is bullish through the upper Bolli band and will have to rise to permit additional advance. The euro bulls are targeting 1.4281, November 4th high. Bias is higher.
GBP/USD MT4 Forex Brokers FX Trading Signals: The 20-day moving average at 1.6178 has been behaving just like a magnet when the sterling was south of it. It’s a support now for the GBP. Both MACD and RSI are the positive areas at this time. MACD is working out a bullish cross. Technical picture is constructive with the upper 20-day Bolli band at 1.6348 being eyed.
USD/JPY Metatrader Currency Alerts: The 20-day MA, at present at 81.76, is capping the topside. A break above is likely to launch the USD close to 84.00. RSI and MACD are working on getting away from the negative region and this obvious fact, the RSI pointed greatly north, makes the bigger picture task a bullish feel.
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