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| Action Insight Weekly Report | Markets Snapshot |
FOMC Disappointment Overshadowed European Developments, Dollar Rebounded, Yen TumbledWhile it was another week full of news flow from Europe, FOMC meeting could in the end be proved to be the turning point in the market. Disappointment over Fed's Operation Twist expansion triggered steep selloff in equities. Dollar rode on the sentiments and rebounded and the reduced speculation of additional easing could also be reflected in Gold's post FOMC selloff. Strength in dollar could also be reflected in the strong close in dollar index at 82.25, comparing to the intra-week low of 81.18. The Japanese yen was undoubtedly the biggest victim last week. Other majors currencies, though, are still holding above near term support against dollar. It would probably take one more week before confirming whether the greenback has regained some sustainable strength. |
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| Featured Technical Report | |
USD/JPY Weekly OutlookUSD/JPY's break of 79.79 last week firstly confirmed resumption of rebound from 77.66. Subsequent break of 80.29 indicate that fall from 84.17 has completed at 77.66 already. Initial bias remains on the upside this week for 100% projection of 77.66 to 79.79 from 78.60 at 80.73. Break will target 81.77 resistance and above. On the downside, below 80.00 minor support will turn bias neutral and bring consolidations. But break of 78.60 is needed to indicate complete of rebound from 77.66. Otherwise, we'll stay bullish even in case of retreat. |
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The Week in Review and Outlook
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