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      Forex: USD/JPY testing the 93.00 level

      The USD/JPY has rocketed higher in recent minutes, jumping 32 pips during European trading Monday. At the time of writing the pair is testing the vaunted 93.00 level (initial resistance), having secured an advance of +0.26% thus far.

      According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The near-term price action is stuck between 4h 55-day EMA on the downside and 20-day EMA on the upside. With 4h indicators penetrating below the midlines, downside risk persists.”

      After swinging back into positive territory today, Slobodan Drvenica suggests the cross will be stymied by resistances at 93.00, up to 93.31, and finally 93.58. On the downside, the USD/JPY will encounter means of calculated support at 92.40, then 92.17, and finally the 92.00 handle.

      Forex: EUR/USD bounces to its daily highs

      The EUR/USD was finding resistance around 1.3390 and went for a retest of the 50% retracement of the move higher seen this year, to as low as 1.3358. The European opening pulled the pair back up towards that resistance area, ten pips below the 1.3400 psychological level.
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      Forex Flash: US/European equities look to consolidate – Goldman Sachs

      According to the Economics Research Team at Goldman Sachs, “We expect global growth to improve from 3.1% in 2012 to 3.3% in 2013 and accelerate further to 4.1% by 2014. However, due to the drag from fiscal contraction we only expect the US to reach a trend-like level of growth by 4Q 13.
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