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Gbp/jpy Breaks Major Support 193, Targets 190.60





Potential Reversal zone (PRZ)- 193 GBP/JPY has broken short term trend line support and also PRZ . It confirms short term weakness , a decline till 190.55 cannot be ruled out. On the downside any break below will target 192/190.60 in short term. The pairs minor resistance are 193.10/193.75/194.25. Weekly Major resistance - 194.25 Major support - 192 It is good to sell on rallies around 192.85-90 with SL around 193.60 for the TP of 191/190.55.


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Fxwirepro: Usd/jpy Faces Strong Support Near 124,good to Buy at Dips





USD/JPY has made a temporary top around 125 and retreated from that level. Overall trend is till bullish as long as short term support 124 holds. It has made a low of 124.09 on Friday and has started to recover from that level. On the downside major support is around 124 (20 day MA) and any break below will target 123.50/123 in short term. Major intraday resistance 125 and intraday support -124. Any break of 125 will extend gains till 125.85. It is good to buy around 124.35-40 with SL around 123.95 for the Tp of 125.84


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Eur/jpy Breaks Short Term Resistance 138, Targets 140





EUR/JPY has broken major resistance 138 and this confirms short term bullishness , a jump till 141 cannot be ruled out. Short term weakness can be seen only below 136.85 level.Any break below 136.85 will drag the pair further down till 136/135. On the higher side minor resistance is around 139.20 and break above would extend gains till 140./141. Intra day major resistance -139.20 and major support level -136.90. It is good to buy at dips around 138.10-15 with SL around 136.80 for the TP of 140/140.90.


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Australian dollar skids following Chinese yuan devaluation





The Australian dollar touched its weakest level since 2009 Wednesday following the People's Bank of China weakened the Chinese yuan to bolster exports. China's central bank set the midpoint rate at 6.3306 to the US dollar. Previously, PBOC devalued the currency by 1.85%. The Aussie ended at 65.61 euro cents from Tuesday's 66.72 euro cents, and 72.16 US cents from 73.23 US cents. The Australian dollar is declining on woes about China's official attitude. Chinese policymakers “have strong concerns about their growth and economy,” said Masashi Murata, Senior Currency Strategist at Brown Brothers Harriman.


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Eur/usd Faces Strong Resistance Around 1.1218, Further Bullishness Only Above That Level





EUR/USD has recovered till 1.12123 and retreated from that level. It is facing strong resistance around 1.1218 (61.8% retracement of 1.1465 and 1.08190) and any break above only will confirm further bullishness. Any break above would extend gains till 1.1250/1.1280 in short term. On the downside minor support is around 1.1130 and any break below will drag the pair further down till 1.1080/1.1035/1.100. Bearish invalidation only above 1.1218. It is good to sell on rallies around 1.1175-80 with SL around 1.1220 for the TP of 1.1085/1.1035


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Companies burdened by Bitlicense’s Real Cost





The August 8 deadline for New York's bitcoin companies to apply for BitLicense saw many companies of the cryptocurrency ecosystem halting their operations in New York. While different companies cited different reasons for their unwillingness to apply, the hefty non-refundable application fee of $5000 played a crucial part. On the other hand, the companies that did apply for the BitLicense had to bear high cost not only in monetary terms but also non-monetary terms. While speaking to CoinDesk, George Frost, executive VP and chief legal officer at Bitstamp, the world's third largest exchange in terms of BTC/USD trading volume, said, "Applying for the BitLicense is an expensive and difficult process, as many have noted. Some other firms have chosen to abandon the New York market entirely, rather than comply. We do not fault them for doing so". "Our UK parent company has contributed a lot of time, expertise and money in the BitLicense effort, but much of this investment will benefit the entire Bitstamp group," said Frost. However, unlike Bitstamp, which employs nearly 50 people reportedly, there are other relatively smaller and new start-ups like MonetaGo, who have also applied for BitLicense. "Given that we are a new startup company we have been extremely diligent with our expenditures. In terms of hard costs we've spent approximately $50,000 ... by far the biggest costs have been the man-hours to date," said Patrick Manasse, chief compliance officer. Patrick said that the team invested nearly 1,200 hours to compile the documentation for the BitLicense application, and pointed out that an additional 2,000 man hours had been already spent in formulating MonetaGo's global compliance program. "Add to this programmers and developers putting in place systems and service providers, and you start to get a sense of the size and scope of the undertaking," he said, noting: "If all the hours were added up, the total would easily be upwards of a quarter million US dollars." Yet another cryptocurrency exchange, Bittrex, applied for the license. Bill Shihara, Bittrex founder, told CoinDesk that the process is expected to have cost his company somewhere between $18,000 and $20,000, along with nearly 80 hours of compiling and reviewing the documentation. "I am sure larger companies incurred much higher costs than we did ... we were lucky that we had a lot of the paperwork already available."


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Euro modestly changed following German GDP data





The euro was somewhat changed Friday as the German gross domestic product climbed in the second quarter. Official figures showed Germany's GDP escalated 0.4%, previously 0.3%. The common currency ended at 1.1147 to the US dollar, 0.7142 to the British pound, and 1.0881 to the Swiss franc. Against the Japanese yen, it finished at ¥138.66. Meanwhile, Greek legislators have begun debating on the new €85 billion bailout.


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Australian dollar tumbles ahead of Fed rate decision





The Australian dollar inched lower Monday, as the currency steadies following the volatility last week due to weakened Chinese yuan. Investors will be awaiting the minutes of the Federal Reserve's meeting due Wednesday to know if the central bank is inclined to raise interest rates next month. The Aussie ended at 66.44 euro cents from Friday's 66.17 euro cents, 73.72 US cents from 73.87 US cents, and 47.11 British pence from 47.32 British pence. Meanwhile, the Reserve Bank of Australia is scheduled to release the minutes of its board meeting Tuesday.


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Aussie Takes Support Near 0.7340, Jump Till 0.7500 Is Possible





AUD/USD consolidates in narrow range 0.7340-0.73955 for the past two trading session. Major trend reversal level- 0.7400 Break above would extend gains till 0.7450/0.7500 in short term. On the downside minor support is around 0.7340 and break below targets 0.7300/0.7250 in short term. It is good to buy around 0.7375 with SL around 0.7340 for the TP of 0.7490.


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Usd/jpy Range-Trading Near 124.31-39 Hourly Ichimoku Cloud





Pair move little over last 24 hours
200 HMA at 124.50 above


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