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Forex Trading: Asian Session Recap and Ranges

Posted by Marge Maresca on Jun 6, 2013 10:37:00 PM

Ministry of Finance director general Tatsuo Yamasaki called the overnight movement in the USD/JPY rate ‘quite rapid’ but ‘market determined’.  ‘Japan’s monetary policy is not targeting exchange rates’, ‘is carefully watching Forex market moves, ‘no need to intervene anytime soon’.

Dollar-yen opened near 97.00, traded up to 97.50 where it ran into resistance. Mr. Yamasaki’s comments spurred renewed selling interest pushing the currency pair to a 96.30 session low.

Aussie-dollar briefly breached the NY session low of 0.9470 touching 0.9465 before recovering to 0.9500

Euro-dollar remained contained to a 1.3235 to 1.3260 range.

Gbp-dollar is trading at 1.5600, right in the middle of its 1.5580-1.5620 session range.

With US payrolls data just ahead, traders expect a certain amount of consolidation as the market braces for a possible surprise reading.

Session Ranges:

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Margaret Maresca

WorldWideMarkets

 

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