FXstreet.com

Fxstreet.com (Barcelona) - After rebounding at 95.30, intra-day low, USD/JPY has begun to rise to trade above 95.50 and test the 95.70 resistance (EMA55 hourly chart), Dollar has eased some of its initial losses against the Yen, but currently is negative yet, falling 0.55% so far today from 96.15 opening price.Nicole Elliott, analyst at Mizuho Corporate Bank, comments: "Dipping below the lower edge of the relatively large Ichimoku ?cloud? and above the ?neckline? and moving averages suggest a short position. Maybe this week, certainly some time in July, we favour a test of the pivotal 94.00 area (and an eventual break below hereFXstreet.com (Barcelona) - The Pound has fallen further after the UK 1Q GDP worst than expected data and the pair has drop to levels below 1.6600, easing all of its previous gains. The pair has dropped from 1.6745, 8-month high, to post 1.6574 in the last minutes in a 200 pips decline movement. Currently the pair is trading around 1.6570/80.Carol Harmer, analyst at Charmer Charts.com, affirms that cable finally has broken higher: "However pullbacks currently look limited to 1.6665 and buyers will be waiting in the wings for this level so they can re-enter the market. If however the sellers decide further downward moves look likely they will bust through this support, leaving 1.6621/00 then exposed. However buyers will once more be waiting at these lower levels and this support is expected to hold."FXstreet.com (Barcelona) - European markets have turned mixed after opening higher in today's session as GDP collapse could ease the previous confidence on economic recovery. Oil and commodities are rising so far today, UK GDP has posted the biggest drop since 1958, a worse data than expected which has pushed the Sterling under pressure.Eurostoxx 50 is posting 0.16% gains, DAX Xetra rises 0.10%, IBEX 35 is 0.20% higher and CAC 40 advances 0.09% so far today, on the other hand, AEX declines 0.28% today. Oil barrel is rising 1.00% to climb above $72.00, Gold is trading around 941.50.United Kingdom has posted the biggest contraction since 1958, fueled by industries from construction to services. UK GDP has decreased 2.4% QoQ in the 1Q, worse than 2.1% drop market expectations and well below of 1.9% declines posted in the previous quarter. UK GDP has fallen 4.9% YoY in the first quarter, worse than 4.3% drop expected and 4.1% declines posted in the last quarter of 2008.Eurozone has posted the first negative reading in its preliminary CPI, with a 0.1% decline in June.GBP/USD has lost almost all of its initial gains and it is trading around 1.6600/10, 0.20% above today's opening price. GBP/JPY has fallen to 158.50 after rejecting from 160.30, currently the pair is trading around 159.10/20, 0.15% below today's opening price.EUR/USD has rebounded at 1.4080 and currently the pair is trading around 1.413040, 0.25% above today's opening price.Fxstreet.com (Barcelona) - After rebounding at 95.30, intra-day low, USD/JPY has begun to rise to trade above 95.50 and test the 95.70 resistance (EMA55 hourly chart), Dollar has eased some of its initial losses against the Yen, but currently is negative yet, falling 0.55% so far today from 96.15 opening price.Nicole Elliott, analyst at Mizuho Corporate Bank, comments: "Dipping below the lower edge of the relatively large Ichimoku ?cloud? and above the ?neckline? and moving averages suggest a short position. Maybe this week, certainly some time in July, we favour a test of the pivotal 94.00 area (and an eventual break below here)."