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Hourly perspective for the US session
EUR/USD retreating from the roof of the channel
EUR/JPY and USD/JPY after the earthquakes
Best pair to trade now: GBP/USD

Hourly perspective for the US session

Posted: 11 Apr 2011 06:47 AM PDT

Here is the hourly perspective for the US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2011/04/11/03/

EUR/USD retreating from the roof of the channel

Posted: 11 Apr 2011 05:13 AM PDT

EUR/USD is retreating from the roof of the daily ascendant channel coming from Feb 14th, still comfortable above 1.4400. RSI is saturating above 70, momentum heading slightly north, and 20 SMA holding its bullish slope, all of this suggesting no much of a deep for today, despite stocks and commodities are lower. 1.4410 is immediate support, followed by 1.4360 area, mentioned 20 SMA; if reached, probable bottom for today. Resistances come at 1.4490, 1.4520 and 1.4550 price zone.

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EUR/JPY and USD/JPY after the earthquakes

Posted: 11 Apr 2011 04:34 AM PDT

One month ago, an earthquake in Japan changed the yen trend against major rivals, with USD/JPY reaching record lows near 76.40. Since then, another 2 earthquakes hit Japan one past week and the other early today; both come with tsunami alerts while Japan government continues expanding the evacuation zone around the nuclear plant of Fukushima based on accumulated radiation levels. No wonder why yen is no longer a "safe haven": despite commodities soaring to year highs and dollar hit across the board, Japanese yen is expected to hold the bearish tone against major rivals.

USD/JPY has reached so far 85.50, having gained over 900 pips in less than a month; daily chart shows price well above both 100 DMA and 200 DMA, now strong support/buying levels on corrections. Before that 84.40 area, past December daily highs come as immediate support. If pair loses this last, then 200 DMA around 83.60 is next. To the upside, pair needs at least to close the week above 86.00 area, (September high) to confirm gains will extend towards 89 in the upcoming weeks.

EUR/JPY gains had been even more impressive, as the pair rose @ 1700 pips due to Euro strength. The common currency favored by rates differentials, despite overbought across the board, is not ready to give up. EUR/JPY rose to 123.30, strong static resistance area, and seems ready for some short lived corrective movements, maybe towards 120.00; yet as long as above that level, the upside seems pretty open towards 127.80, next strong long term resistance area. Below 119.00, price action could jeopardize the bullish momentum, and send the cross to test 115.50/116.00 static zone.