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Mid-Day Report: Yen Weakness Continues as BoJ Downgraded Assessment of Eight of Nine RegionsYen's broad based selloff remains the main theme today. BoJ said today in its quarterly report that it downgraded the assessment of eight of the nine region of Japan as "the pickup in economic activity observed three months ago has come to a pause or its pace has moderated due to the deepening overseas slowdown." Back in July, all nine regions' assessment was upgraded because of solid domestic demand and improving exports. Also, it's the first time since 2009 that a majority of regions have downgraded their assessments. In a speech at a quarterly meeting, BOJ governor Masaaki Shirakawa warned of the global economic uncertainty ahead and indicated that the central bank would continue with its ultra accommodative monetary policy. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 103.21; (P) 103.67; (R1) 104.05; More EUR/JPY's rally resumed after brief consolidations and reaches as high as 104.39 so far today. Intraday bias is back on the upside for 61.8% retracement of 111.43 to 94.11 at 104.81 and then 111.43 key resistance. On the downside, break of 103.12 minor support is needed to signal short term topping. Otherwise, we'll stay bullish even in case of retreat. |
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| Orders and Options Watch | |||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar has maintained a firm undertone after intra-day rally on risk appetite and offers at 79.80 were filled, sell orders from exporters in good size remain at 79.95-00 with stops building up above option barrier at 80.00, more stops are tipped at 80.20-30 (some offers ahead). On the downside, bids are noted at 79.50 and 79.30, more buying interests from Japanese investors and funds are reported at 79.00-10 with stops building up below figure but fresh demand should emerge around 78.65-75, bigger stops placed below 78.50-60. | |||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||
Trade Idea Update: GBP/USD – Sell at 1.6085Despite last week’s rise to 1.6178, the subsequent anticipated selloff adds credence to our bearish view, signalling the rebound from 1.5975 has ended at 1.6178 and although price has rebounded after intra-day marginal fall to 1.5990, upside should be limited to resistance at 1.6066 (Friday’s high) and 1.6080-85 (50% Fibonacci retracement of 1.6178-1.5990) should limit upside, bring another decline. A break of 1.5990 would extend the decline from 1.6178 towards previous support at 1.5975 Trade Idea: AUD/USD – Hold short entered at 1.0370Despite last week’s rise to 1.0412, the subsequent retreat has retained our bearishness and consolidation with downside bias remains for weakness to 1.0250-55, then towards 1.0200-02, however, break of latter level is needed to confirm top is formed, bring weakness to previous support at 1.0149, once this level is penetrated, this would signal the decline from 1.0625 top has resumed for a stronger retracement of early rise from 0.9581 to 1.0100 and possibly towards 1.0050-55 but reckon downside would be limited 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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