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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Yen Jumps on BoJ Rumor, Weak Economic DataThe Japanese yen rebounds strongly today on rumors that BoJ will refrain from adding stimulus at tomorrow's meeting. Markets are expecting the bank to expand the quantitative easing program by JPY 5T to JPY 10T. The Japanese yen has been sold off since BoJ announced an explicit inflation target of 1% earlier this year and USD/JPY jumped to as high as 84.17 back in March. However, yen then recovered on lack of follow through actions from BoJ as well as on risk aversion on Europe's program. There were strong expectation for additional stimulus for tomorrow's meeting and some analysts even describe the lack of action again as a disaster of communication. Traders will continue to sit tight and see what BoJ would do. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 81.04; (P) 81.36; (R1) 81.66; More... USD/JPY's break of 80.85 minor support today indicates that recovery from 80.29 is finished at 81.77 already. Intraday bias is back on the downside for 80.29 support. Break will extend the choppy pull back from 84.17 to 61.8% retracement of 76.02 to 84.17 at 79.13. On the upside, though, break of 81.77 will indicate that pull back from 84.17 is already completed and will bring stronger rebound. |
| Special Reports |
FOMC And RBNZ Meeting ReviewAs expected, the Fed maintained the policy rate unchanged at 0-0.25% and did not add further monetary easing measures. While the post-meeting statement contained only modest changes from the previous ones, the latest economic projections sent a confusing outlook. Fed Chairman Ben Bernanke reiterated that the central bank has 'prepared to do more as needed to make sure that this recovery continues and that inflation stays close to target'. The language to leave interest rates at exceptionally low level at least until mid-2014 remained unchanged. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar dropped today partly due to cross-buying in yen on risk aversion and stops below 80.80 were triggered, however, decent demand is still seen above next stops at 80.50, followed by combination of bids and stops at 80.20-30 (related to barrier at 80.25) and larger option trigger is tipped at 80.00. On the upside, offers from exporters are lowered to 81.00, 81.20 and also 81.40 with sizeable sell orders remain at 81.70-80 for protection of stops above 81.90-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Hold short entered at 81.50Despite yesterday’s brief rise to 81.71, as dollar has retreated after faltering below resistance at 81.78, retaining our bearishness for another decline to take place, current breach of indicated support at 80.80 adds credence to our view that top is formed and bring further fall to 80.50, however, as broad outlook is consolidative, reckon support at 80.29 should remain intact and bring another rebound later. Trade Idea: AUD/USD – Hold long entered at 1.0255As the Australian dollar has rebounded after falling to 1.0247 earlier this week, retaining our bullishness for another leg of corrective rise from 1.0226 low to take place, bring further gain towards previous resistance at 1.0453, however, break there is needed to add credence to our view for a retracement of recent decline to previous resistance at 1.0470 and then 1.0500. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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