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Mid-Day Report: Yen Sharply Lower after BoJ Shirakawa Warned of Delayed RecoveryJapanese yen is sold off sharply across the board today after BoJ governor Shirakawa warned that economic recovery has been delayed from the expectation of first half of fiscal 2012/13. Shirakawa said that Yen has shown "upward moves due to broad euro selling" as impact of the sovereign debt crisis. EUR/JPY weakness hurt corporate sentiments and erode Japan's export competitiveness. Earlier today, BoJ left rates unchanged at 0-0.1%, and it's asset-buying program at JPY 55T, as widely expected. In the accompanying statement, the bank noted that economic activate has been "more or less flat" due to "a slowdown in overseas economies and the appreciation of the yen". 2011 fiscal year growth forecast was lowered to -0.4% contraction while 2012 projection was lowered from 2.2% to 2.0%. 2012 and 2013 growth prospects were "broadly unchanged" and the bank expect economy to return to moderate recovery in first half of 2012 fiscal year. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 76.89; (P) 76.98; (R1) 77.11; More... USD/JPY soars to as high as 77.78 so far today and the strong break of 77.31 resistance confirms that whole decline from 78.22 has finished already. Also, the current development revives the case that corrective fall from 79.52 is already finished with three waves down to 76.55. Intraday bias is back on the upside for 78.22 first. Break will confirm this bullish case and target a test on 79.52 next. On the downside, 77.24 will mix up the picture and turn bias neutral first. |
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Due to Chinese New Year holidays, next Candlesticks and Ichimoku Trade Idea update will be made on Wednesday 25 Jan. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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