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Mid-Day Report: Yen Weakened Broadly While Others ConsolidateThe Japanese yen is the notably weakest currency today while most pairs are stuck in familiar range. Yen's weakness could be attributed to risk appetite as M&A deals lifted European equity indices. Meanwhile, there are intensified speculation of intervention as the new Japanese Finance Minister Jojima said that France is positive to Japan's buying of ESM bonds. USD/JPY could have a test on 78.86 resistance in US session and break will put focus to 79.22 resistance. Data from US saw retail sales rose more than expected by 1.1% in September. Ex-auto sales rose 1.1%, also beat consensus. Empire state manufacturing index, though, missed and improved only to -6.5 in October. Released earlier today, Swiss combined PPI turned positive to 0.3% yoy in September. UK rightmove house prices rose 3.5% mom in October. Australia home loans rose 1.8% in August. Japan industrial production was revised down to -1.6% mom in August. |
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USD/JPY Mid-Day OutlookDaily Pivots: (S1) 78.29; (P) 78.41; (R1) 78.54; More... USD/JPY jumps sharply today with focus now back on 78.86 minor resistance. Break will argue that rise from 77.13 is resuming and will turn bias to the upside for 79.22 resistance first. Also, note that we still favor the case that whole decline from 84.17 has completed at 77.13 already. Rebound from 77.13 should target 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65) on resumption. On the downside, below 78.26 minor support will turn bias neutral again and bring more consolidative sideway trading. But after all, we'd expect strong support above 77.43 to contain downside and bring rebound. |
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Due to holidays, no update next week and next Candlestick and Ichimoku Trade Idea update will be made on Monday 22 Oct 2012. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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