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  • Daily FX View: USD/JPY Extends Gains, EUR/USD Stalls 0 comments
    Nov 15, 2013 6:53 AM

    JPY underperformed all 22 major peers, while KRW outperformed on foreign buying of stocks.
    • USD/JPY extending breach of 100, breaching 76.4% Fibonacci rebound of July-Aug. decline, headed toward 100.61 Sept. 11 high
    • Daily momentum highlights potential for correction in coming sessions, with MACD differential, stochastics at highs since Sept., RSI at high since May
    • Weekly momentum indicates USD to rise through year-end, with MACD differential, RSI, stochastics all trending upward
    • USD/KRW correcting on foreign purchases of Korean stocks; daily momentum lower, weekly chart signals likely bottom
    • Daily indicators show downside risk in coming sessions, with MACD differential lower, RSI lower, stochastics at high since July
    • Weekly indicators suggest FX bottoming around 1050, similar to 2011, 2012; MACD differential rising, RSI up from low since Jan., stochastics crossing higher near lows of 2012, 2013
    • EUR/USD stalled at congested technical levels; potential for rally in coming sessions within longer-term correction
    • Daily chart shows cross stuck in 1.3440-1.3470 range of levels from Aug. 20 high, late-Sept., Oct. lows
    • Daily momentum higher with MACD differential, RSI, stochastics up from around 2013 lows
    • Weekly momentum lower with MACD differential falling, stochastics crossing lower from high since Feb.; cross correcting from 1.3833 61.8% Fibonacci rebound of 2011-2012 decline

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