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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on May 20, 2013 11:05:00 PM

A subdued start to the Asian session as the majors traded within well defined ranges. USD/JPY bounced off support around the 102 level aided to a large degree by remarks from Amari, Japan's Economy Minister, who retracted some of his comments from yesterday. The subsequent rally diminished just below the 102.80 resistance level. The RBA May 07 minutes were essentially a non-factor as they reiterated their rationale for easing and left open the possibility that they might have to ease further. AUD/USD, which had broken back through the 0.98 level to session lows of 0.9750 on the heels of earlier dollar strength, was largely unaffected by this release as it consolidates around the 0.9790 level. Given the broad based dollar strength of the past few weeks, the price action so far this week has to viewed as corrective in nature and it would appear that the market is gearing up for the BOJ and, more importantly, FOMC announcements that are slated for release over the next few sessions. The uncertainty surrounding these events is increasing with each passing moment which would imply that the results, whatever they might be, will be sure to elicit volatility in the currency market.

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