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| Action Insight Weekly Report | Markets Snapshot |
Daily Report Yen Recovered Overnight Losses after BoJ on HoldThe Japanese yen recovered some lost ground today after BoJ left rates unchanged at 0-0.1% as widely expected. The bank also refrained from adding to its stimulus of JPY 30T asset purchase fund and JPY 35T credit lending program. Markets are speculating that mounting political pressure would finally prompt BoJ to act again later in late April by expanding the JPY 65T programs by another JPY 5T, and commit to buy more government bonds. It could also extend the maturity of bonds from two-years to five-years. Japan's prime ministers Noda said there will be ministerial meetings on overcoming deflation, with Economic and Fiscal Policy Minister Furukawa leading the discussions. BoJ Governor Shirakawa will also attend as an observer. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 106.17; (P) 106.71; (R1) 107.30; More With 4 hours MACD staying above signal line, intraday bias in EUR/JPY is neutral for the moment. While correction from 111.43 could extend lower, we won't turn bearish before decisive break of 105.64 support. Indeed, as long as this support holds, we'd still slightly favor the case for rebound from 97.03 to extend. Above e 107.89 minor resistance will indicate that pull back from 111.43 is finished and will flip back to the upside for retesting this resistance. However, sustained break of 105.64 will pave the way to 61.8% retracement of 97.03 to 111.43 at 102.53 and below. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchJPY: Despite rebounding to 81.87 this morning on expectations that the BOJ may announce some stimulus measures today, dollar quickly dropped from there as the central left rates unchanged with no action on policy to boost Japanese economy. Bids at 81.45-50 were filled and mixture of bids and stops at 81.15-20 is now in focus, more stops are expected below 80.90-00 but fresh demand should emerge further out at 80.50-60. On the upside, offers from various parties are lined up at 81.60-65 as well as 81.85-90 with stops building up above 82.00, followed by larger sell orders located at 82.50-55. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9150Despite intra-day marginal fall to 0.9147, as the greenback has rebounded after holding above previous support at 0.9145, suggesting consolidation with upside bias would be seen and test of last week’s high of 0.9222 cannot be rule dout, however, break there is needed to confirm recent upmove form 0.9002 low has resumed and extend further gain towards previous resistance at 0.9254 Trade Idea: GBP/USD – Sell at 1.5900Although cable rose marginally to 1.5931, lack of follow through buying and current sharp retreat suggest an intra-day top is possibly formed there and consolidation with downside bias is seen for test of the Ichimoku cloud bottom (now at 1.5856) but break of Friday’s low at 1.5836 is needed to confirm and bring further weakness towards last week’s low of 1.5805 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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