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Forex spread trading: Sell JPY USD PDF Print E-mail
Written by Sam Coventry   
Monday, 16 August 2010 09:49

A look at some key technical views for the forex spread trading community.


Simon Denham at forex spread trading providers Capital Spreads says:

"On the currency markets the woes of the EU bloc seem to be raising their head again as the European Central Bank expresses happiness with bad numbers.

"Tax receipts across the Southern States are worse than hoped and this will be adding to the overall debt level and decreasing their ability to repay in the future. The recent weakness in the Euro (before the even more recent bounce) aided the big exporting nations (Germany, France etc) as was shown by Q1/Q2 growth numbers.

"All in all the storm clouds seem to be gathering once again and with the dollar having gone through its angst moment over that last couple of months buyers of the Euro and Pound seem thin on the ground even though they have both dropped 5 cents in the last week)."

The EUR USD opened in Asia around 1.2760 and traded up to 1.2775 on light profit taking.

The EUR USD started tracking lower when the Japan Q2 GDP came in mush worse than expected and led to JPY-cross selling.

The EURUSD pivot point is at 1.2830 with a preference to enter into Short positions at 1.2820 say forex trading firm Easy Forex.

The “risk-off” theme dominated the morning session, as Asian equities moved over 1% lower and took the EUR JPY from 110.00 to 109.25 at one stage.

Delta Index, have called a sell on JPY USD after observing a MACD Crossover. According to Delta this signals a Sell at 11589.

Those looking at spread trading JPY USD should consider a Stop at 11708 while setting an initial target 11358 say Delta.

Easy Forex have called the USDJPY pivot point at 86.20 with a preference to enter Long positions at 86.15

The same team have also called a sell on EUR CAD after the EUR CAD charts showed a Triple Moving Average Crossover.

Delta have advised spread bettors to sell at 13285 while setting a stop at 13674 with an initial target set at 12528.
 

Risk Involved

Spread Betting and CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. These trading products may not be suitable for all investors so seek independent advice if necessary.

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