EUR/USD was flat in the Asian session

EUR/USD is almost unchanged on Monday, following gains a day earlier. In the European session, the pair is trading in the mid-1.22 range. The wobbly euro finds itself at its lowest level against the dollar since August 2012. On the release front, there are no major releases out of the Eurozone or the US. German Industrial Production dropped to 0.2%, while Eurozone Sentix Investor Confidence came in at -2.5 points. In the US, today’s sole event is the Labor Market Conditions Index, a new indicator which the Federal Reserve introduced in October.
Eurozone numbers were not impressive to start off the week. German Industrial Production posted a weak gain of 0.2%, compared to a 1.4% gain a month earlier. Investor confidence remains low, as the Eurozone Sentix Investor Confidence report recorded a decline of 2.5 points, a fourth straight decline.EUR/USD was flat in the Asian session. The pair has edged lower in European trade, breaking support at 1.2286.
1.2286 is a weak resistance line. Will the pair break below this line? 1.2407 is stronger.
1.2143 is a strong support level. EUR/USD ratio is pointing to gains in long positions on Monday. This is not consistent with the pair’s movement, as the euro has posted small losses. The ratio has a majority of long positions, indicative of trader bias towards EUR/USD moving upwards

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XAU/USD

Gold is flat on Wednesday, as the spot price stands at $1201.10 in the European session. On the release front, there are two key releases – ADP Nonfarm Employment Change and ISM Non-Manufacturing PMI.
Gold prices have taken traders on a roller coaster ride early in the week. On Sunday, gold dropped sharply after Swiss voters rejected a proposal to boost the Swiss National Bank’s gold reserves. Had the motion passed, the SNB would have been required to purchase some 1500 metric tons of gold over five years. Gold prices sank to $1142 per ounce early on Monday, but reversed directions and has posted huge gains, climbing close to 5% on the day. Still, the long-term range for gold remains bearish, as the US economy strengthens and the markets prepare for a rate hike in 2015.
XAU/USD has shown little movement in the Asian and European sessions. The pair continues to trade close to the key $1200 line.
1200 is fluid and could see more action during the day. It is currently a weak support level.
1215 is an immediate resistance line. 1240 is stronger.
Current range: 1200 to 1215. XAU/USD ratio is pointing to gains in long positions on Wednesday. This is consistent with the pair’s movement, as gold has posted very small gains. The ratio has a majority of long positions, indicative of trader bias towards gold moving to higher gold.

USD/JPY is showing little movement on Wednesday

USD/JPY is showing little movement on Wednesday, as the pair trades in the mid-119, within striking distance of the psychologically important 120 level. On the release front, ADP Nonfarm Employment Change slipped to 208 thousand, well off expectations. Later in the day, we’ll get a look at ISM Non-Manufacturing PMI. The markets are expecting a slight improvement in the November release, with an estimate of 57.5 points. There are no Japanese releases on Wednesday.
The Japanese yen continues its disappearing act, as USD/JPY has its sights on the 120 level, which hasn’t been breached since April 2009. On Monday, the yen lost ground after a weak report from Average Cash Earnings, which slipped to 0.8% in October, short of the forecast of 0.5%. The softer reading points to less disposable income for the Japanese worker, which means a drop in spending. On Monday, the Moody’s rating agency downgraded Japan’s debt from Aa3 to A1, citing “heightened uncertainty” over the ability of the government to reduce the debt. The downgrade is seen as a response to Prime Minister Abe’s decision to delay a sales tax hike and the negative GDP reading, which means that the country is officially in a recession.
USD/JPY has shown limited movement throughout the day.
118.89 remains a weak support level. 117.94 is stronger.
119.93 is an immediate resistance line.USD/JPY ratio is pointing to gains in short positions on Wednesday, reversing the direction seen a day earlier. This is not consistent with the pair’s movement, as the yen has posted small gains. The ratio has a majority of long positions, indicative of trader bias towards the dollar moving to higher ground.

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USD/JPY has gained close to 100 points on Tuesday

USD/JPY has gained close to 100 points on Tuesday, as the pair trades above the 119 line. Is the pair headed for the 120 level? On the release front, Japanese Average Cash Earnings fell to 0.5% in October, missing expectations. In the US, there are no major releases. Federal Reserve Chair Janet Yellen will deliver remarks in Washington.
The Japanese yen continues its disappearing act, as the currency is trading above  the 119 line. The yen lost ground on a weak report from Average Cash Earnings, which slipped to 0.8% in October, short of the forecast of 0.8%. The softer reading points to less disposable income for the Japanese worker, which means a drop in spending. On Monday, the Moody’s rating agency downgraded Japan’s debt from Aa3 to A1, citing “heightened uncertainty” over the ability of the government to reduce the debt. The downgrade is seen as a response to Prime Minister Abe’s decision to delay a sales tax hike and the negative GDP reading which means that the country is officially in a recession.
USD/JPY posted gains late in the Asian session. The pair continues to move higher in European trade and broke above resistance at 118.89.
118.89 has reverted to a support role as the yen has sustained sharp losses. 117.94 is stronger.
119.93 is a strong resistance line.USD/JPY ratio is pointing to gains in long positions on Tuesday, reversing the direction seen a day earlier. This is consistent with the pair’s movement, as the yen has posted sharp losses. The ratio has a majority of long positions, indicative of trader bias towards the dollar continuing to move to higher ground.