Daily Pivots: (S1) 165.67; (P) 165.95; (R1) 166.50; More… EUR/JPY’s up trend continues to as high as 166.78 so far. Intraday bias stays on the upside for 168.72 projection level next. On the downside, below 165.41 minor support will turn intraday bias neutral and bring consolidations first, before staging another decline. In the bigger picture, […] The post EUR/JPY Daily Outlook appeared first on Action Forex ..read more

Japanese Yen’s accelerated decline captured significant attention in Asian session, while the broader currency markets remained generally stable. Market participants interpret the apparent lack of urgency from Japanese officials to address Yen’s fall as a tacit approval for its continued depreciation. This perspective gains significance following the recent trilateral meeting between Japan, South Korea, and […] The post Yen Weakens Further as Market Eyes Possible 160 Mark, Dollar Awaits Key GDP Data appeared first on Action Forex ..read more

Elliott Wave view on GBPUSD suggests that rally from 10.4.2023 low takes the form of an impulsive structure. Up from 10.4.2023 low, wave (1) ended at 1.2828. Correction in wave (2) unfolded as an expanded flat Elliott Wave structure. Down from wave (1), wave A ended at 1.2519 and wave B ended at 1.2894. Down […] The post Elliott Wave Intraday Analysis on GBPUSD Shows 5 Waves Bullish Impulse appeared first on Action Forex ..read more

Yen’s selloff is intensifying and breaking through 155 mark against Dollar as BoJ commences its two-day policy meeting. While no changes in policy are anticipated at this gathering, the continued decline of Yen could provoke hawkish remarks from Governor Kazuo Ueda. He has clearly indicated that a policy adjustment would be considered if weakening Yen’s […] The post Yen’s selloff intensifies as BoJ meeting commences appeared first on Action Forex ..read more

Key Highlights Ethereum started a recovery wave from the $2,800 zone. ETH price is facing resistance near a key bearish trend line at $3,400 on the daily chart. Bitcoin price is struggling to gain pace for a move above the $67,500 resistance. Gold price found support at $2,290 and started a consolidation phase. Ethereum Technical […] The post Ethereum (ETH) Could Rally If This Resistance Gives Way appeared first on Action Forex ..read more

BoC’s April meeting summary revealed a “diversity of views” among its members concerning the timing of the first interest rate cut. Despite differing opinions, there was a unanimous agreement that any adjustment to monetary policy would “probably be gradual” once initiated. Key concerns highlighted by some board members included the need for “more reassurance” regarding […] The post BoC members divided on rate cut timing, united on gradual easing approach appeared first on Action Forex ..read more

EURGBP reversed from resistance level 0.8625 Likely to fall to support level 0.8550 EURGBP currency pair recently reversed down from the key resistance level 0.8625, which has been reversing the price from January, intersecting with the 50% Fibonacci correction of the previous downward impulse from November. The downward reversal from the resistance level 0.8625 created […] The post EURGBP Wave Analysis appeared first on Action Forex ..read more

EURJPY under bullish pressure Likely to rise to resistance level 167.00 EURJPY currency pair under the bullish pressure after the price broke through the key resistance level 165.00, which has been reversing the price from March. The breakout of the resistance level 165.00 accelerated the active impulse waves iii, 3 and (5). Give the strength […] The post EURJPY Wave Analysis appeared first on Action Forex ..read more

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Markets Core bonds lost ground with German Bunds underperforming US Treasuries today. It would be unfair to link the former exclusively to the better-than-expected German Ifo indicator but it did support yields moving higher. The headline series improved from 87.9 to 89.4 with an increase in current conditions (88.9) but especially in the expectations component […] The post Sunset Market Commentary appeared first on Action Forex ..read more