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Mid-Day Report: Yen Jumps as Japan Aims to Promote Direct Yen-Yuan TradingWhile dollar and yen were both firm today and mild risk aversion, the Japanese yen outshone the greenback. The Japanese Finance Ministry said that it's considering measures to further encourage direct trading between yen and the Chinese yuan , as well as settlement of bilateral trade with China. While the yen is strong, it's still holding well below near term resistance of 78.60, 98.53 and 122.12 against dollar, euro and sterling respectively. And thus, it might just be one of the legs in recent choppy trading. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 80.09; (P) 80.33; (R1) 80.65; More... USD/JPY drops sharply on broad based yen strength and reaches as low as 79.56 so far and touched 4 hours 55 EMA. Deeper fall could be seen in near term but after all, rise from 77.66 will remain mildly in favor to continue as long as 78.60 minor support holds. As noted before, the choppy fall from 84.17 might have finished at 77.66 already. Above 80.61 will target 61.8% retracement of 84.17 to 77.66 at 81.68 and above. Though, below 78.60 will likely extend fall from 84.17 beyond 77.66. |
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Orders and Options Watch | ||||||||||||||
US Session: Orders and Options WatchJPY: Dollar tumbled today since forming a top at 80.63 before Tokyo opening, UK clearer was spotted selling the pair aggressively on behalf of a U.S. name, bids and stops at 80.00 and 79.70 were tripped, more stops are reported at 79.50 but bids are expected to emerge around 79.30-40 with bigger stops placed below 79.25-30. On the upside, offers from same party are lowered to 80.00 and sell orders from exporters are lined up from 80.30 all the way up to 80.60 with stops building up above 80.70 and 80.90-00. | ||||||||||||||
| Forex Trade Ideas | ||||||||||||||
Trade Idea Update: GBP/USD – Sell at 1.5630Although the British pound extended last week’s fall from 1.5778 to a marginal low of 1.5541 (previous intra-day low is 1.5551), lack of follow through selling in part due to weakening of downward momentum suggests risk has increased for a corrective rebound and above intra-day resistance at 1.5596 would bring minor correction to 1.5631-34 (current level of the Ichimoku cloud bottom and Friday’s high) but renewed selling interests should emerge there, bring another decline. Trade Idea: EUR/JPY – Buy at 99.15As the single currency has retreated after last week’s rise to 101.63, suggesting a minor top is formed there and consolidation below this level would be seen with mild downside bias for minor correction to 99.95-00, however, renewed buying interests should emerge around support at 99.13, bring another rise later. Above said resistance at 101.63 would extend the rise from 95.59 low (bottom of wave v and iii) for a stronger retracement of recent decline towards 102.12 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||
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Fundamental Highlights
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