The EUR/USD is ranging today as there is no major European data coming out this morning. However, later in the afternoon there will be a plethora of information from the United States that traders will need to watch. At 12:30 GMT, Building permits and housing starts data will be released. At13:55, Michigan consumer expectations and sentiment reports will be published. Thus, later in the day, there could be an unusually high amount of movement leading into the weekend. Until then, expect ranging to continue. Look for support 1.3648 and resistance at 1.3774.
USD/JPY
The USD/JPY dropped in the early hours of the morning but is now retracing its losses. The pair lost value initially due to better than expected Japanese Industrial production data – which strengthened the yen. At this point, the pair may continue upward a little more or begin to range in anticipation of US data coming out later today. Until the afternoon, there is not much information that could alter this pair’s trajectory. look for support at 101.30 and resistance at 102.35.
May 16, 2014 – Forex News
Hot Asset For Today: EUR/USD
USD/JPY
The USD/JPY dropped in the early hours of the morning but is now retracing its losses. The pair lost value initially due to better than expected Japanese Industrial production data – which strengthened the yen. At this point, the pair may continue upward a little more or begin to range in anticipation of US data coming out later today. Until the afternoon, there is not much information that could alter this pair’s trajectory. look for support at 101.30 and resistance at 102.35.
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