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| Action Insight Weekly Report | Markets Snapshot |
Yen Broadly Lower in Mixed Markets, Greek Bailout Approval Anticipated on MondayThe Japanese yen was overwhelmingly weak in an otherwise rather mixed week. Greece continued to dominate headlines as the approval of the second bailout was once again delayed. The common currency was notably weak against other major currencies except versus yen. Meanwhile, risk markets ignored the situation in Greece and extended recent rally with DOW heading closer to 13000 psychological level. Crude oil jumped to as high as 104.14 before closing at 104.06 while the CRB commodity index is back in upper side of recent range. Commodity currencies strengthened against dollar but was basically kept in range to end the week. China's cutting of bank reserve requirement might give risk markets an initial boost this week but the sustainability is in questioned. Meanwhile, focus will also be on the anticipated approval of Greece second bailout on Monday and the development of the drama. |
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| Featured Technical Report | |
USD/JPY Weekly OutlookUSD/JPY soared sharply to as high as 79.60 last week and the break of 79.52 resistance indicates that whole rebound from 75.56 has resumed. Initial bias remains on the upside this week and current rise should target 61.8% retracement of 85.51 to 75.56 at 81.70 next. On the downside, below 78.98 minor support will turn bias neutral and bring consolidations first before staging another rise. |
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The Week in Review and Outlook | ||
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