Yen weakens on higher risk appetite

8:00 GMT
Here we go again…
Another round in global market where better stocks performance reduces worries and increases the appetite of investors for riskier assets. This resulting with them dumping the Yen for better options.

Take a look at AUDJPY performing very well  from its base support level at 58, now trading at 60. I expect this pair to accelerate its advance once USDJPY is clearly above 90.

The EURUSD has officially broken away from its temporary trading range with a clear breach of 1.3080 yesterday, since then it is advancing sharply, already aiming to its next resistance level at 1.3307.
As I suggested a few posts ago, a trading range can provide good opportunities when it is breaking out to a certain direction with momentum.

The Pound is also joining the party with GBPUSD trading well above 1.4, the first serious resistance for the pair is around 1.4450.
If you enter any Pound position it is still recommended with care, especially to the long side. It is preferable to take smaller sized positions with dipper stop loss levels granting the pair some room to fluctuate before it reaches your target.

Z.Georgi

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