Tuesday, December 27, 2011

Action Insight Daily Report 12-28-11 (trusted: contact@actionforex.com)

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Daily Report: Yen Mildly Firmer after US Criticize Intervention, Italian Auctions Watched

Yen strengthens mildly today after US Treasury criticized Japan's intervention in a report to Congress. The US Treasury noted that it supported the G7 coordinated intervention to stabilize yen after devastating natural disaster back in March. However, it explicitly said that it didn't support the invention from August through November. The reported noted that the intervention operated at a time "foreign exchange market activity and risk aversion were being predominantly influenced by financial developments elsewhere in the global economy that were impacting all of the major currencies".

Full Report Here...


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Featured Technical Report

USD/JPY Daily Outlook

Daily Pivots: (S1) 77.77; (P) 77.89; (R1) 78.00; More.

Intraday bias in USD/JPY remains neutral for the moment. As noted before, price actions form 76.57 are treated as the second leg of the correction pattern from 79.52 only. Hence, while above 78.22 will bring another rise, upside should be limited well below 79.52 and finally bring reversal. On the downside, below 77.61 will argue that the third leg has started and will flip back to the downside for 77.13 support first. Break should confirm and target 76.57 and below.

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Economic Indicators Update

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GMT Ccy Events Actual Consensus Previous Revised
23:30 JPY Household Spending Y/Y Nov -3.20% -1.20% -0.40%
23:30 JPY Unemployment Rate Nov 4.50% 4.50% 4.50%
23:30 JPY Tokyo CPI Core Y/Y Dec -0.30% -0.40% -0.50%
23:30 JPY National CPI Core Y/Y Nov -0.20% -0.20% -0.10%
23:50 JPY Retail Trade Y/Y Nov -2.30% 0.00% 1.90%
23:50 JPY Industrial Production M/M Nov P -2.60% -0.80% 2.20%
10:30 CHF KOF Leading Indicator Dec 0.23 0.35
Forex Trade Ideas

Merry X'mas and a Happy New Year, no update next week, next Candlesticks and Ichimoku Trade Idea update will be made on 2 January 2012

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500

Suggested Readings

2012 Outlook

Fundamental Highlights

Technical Highlights

 

 


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