Do you address to Fibonacci while working out your trading strategy? USD/JPY capped overnight at key Fib level FXstreet (Barcelona) - USD/JPY declined on the Asia open, making a low 104.08 before climbing to post a high at 104.46 where it remained capped throughout the overnight session. USD/JPY meets resistance at key Fibo level Matt Bacon-Hall of FXBeat noted overnight that spot met selling pressure at 104.40-50, around where the 61.8% Fibonacci Retracement of the 105.44-102.85 range is seen. Overnight saw an increase in Chinese Foreign Exchange Reserves,, while M2 Money Supply declined alongside New Loans. Elsewhere Japanese Machine Tool Orders increased YoY (Dec) to 28% from 15.4% previous. This mornings European docket is almost over already, leaving focus on the US Calendar. Traders and Investors alike will be focused on MBA Mortgage Applications at 12:00 GMT, before the Fed Beige Book at 19:00 GMT. All in all today is a quiet one for fundamental data, and focus wll look ahead to tomorrow´s busy schedule.
Posted on: Wed, 15 Jan 2014 09:51:32 +0000
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