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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Sentiment Hit by Papademos' Exit Comment, Yen Jumps after BoJRisk markets were hit hard by comments from former Greek prime minister Papademos that Greece exit risk is "real" and preparations are being considered. Asian equities are broadly in red with Japanese Nikkei down over -1.8% while Hong Kong HSI dropped over -1.6%. Dollar strengthened broadly with EUR/USD back pressing last week's low of 1.2641 while AUD/USD has already broken last week's low of 0.9794. Meanwhile, strong buying in the Japanese yen emerged on risk aversion and after BoJ announced to stand pat after today's meeting. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 101.39; (P) 101.41; (R1) 101.44; More The sharp decline today dragged 4 hours MACD back below signal line and suggests that recovery from 100.20 is finished at 102.11. Intraday bias is back on the downside for 100.20 first. Break will confirm resumption of whole fall from 111.43 and should target a test on 97.03 low next. On the upside, above 102.11 will bring another recovery. But upside is expected to be limited well below 104.61 support turned resistance and bring fall resumption eventually. |
| Special Report |
BOJ Likely To Enhance Purchases Of Long-Term Assets In JulyThe Bank of Japan announced to leave the uncollateralized overnight call rate unchanged at 0-0.1% and the Asset Purchase Program at 70 trillion yen. The next timing for the BOJ to implement further easing would be in July. By that time, policymakers would have known the outcome of the June FOMC meeting and the Greek election. Moreover, it’s also the time for the interim assessment of the BOJ’s April outlook. The biggest headache for the central bank is the undersubscription of the purchase program. The situation has deteriorated since mid-April and got more pronounced in May. China Watch - Wen Reiterates to 'Maintain Growth'During his field study in Wuhan, capital of China's Hubei province, Premier Wen Jiabao urged enhanced efforts to maintain economic growth which has moderated rapidly since the last quarter of 2011. Wen's comments indicated that the country has placed growth in a higher priority than before and more easing measures are anticipated to be put forward. We expect further RRR reduction. Yet, besides this, there are several other ways the government would consider in bolstering growth. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchJPY: Despite rising to 80.15 overnight, dollar ran into heavy offers above 80.00 from exporters and retreated sharply this morning on risk aversion, BOJ kept rate unchanged also lifted the Japanese yen and bids at 79.50 were filled, however, buying interests from Japanese investors are still noted at 79.25-30 and also at 79.00-05 (for protection of 79.00 barrier). On the upside, offers are tipped at 79.90-00 and also from 80.10 up to 80.30, followed by mixture of offers and stops at 80.50-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Sell at 1.2800Although yesterday’s selloff signals the rebound from 1.2642 has ended at 1.2824, break of this support is needed to confirm recent decline has resumed and extend weakness towards previous support at 1.2624, otherwise, further choppy consolidation within 1.2642-1.2824 range would take place and another corrective bounce cannot be ruled out but said upper range should cap upside. Trade Idea: USD/JPY – Hold short at 80.10Despite overnight brief rise to 80.15, the subsequent retreat has retained our bearishness and consolidation with downside bias remains for weakness to the Ichimoku cloud (now at 79.23-32), however, a sustained breach below there is needed to signal the rebound form 79.01 has ended and bring retest of this level, otherwise, further consolidation would take place. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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