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Daily Report: Yen Weakness Continues on BoJ Speculation, BoC WatchedThe Japanese yen remains the weakest currency as recent selloff in the currency pushed USD/JPY through 80 psychological level briefly today. Speculation of additional easing from BoJ, as soon as on it's meeting next week, intensified further. its reported that BoJ officials are already discussing additional measures to boost recovery that include expansion of its asset buying program. Meanwhile, political pressure continues to be on the central bank. Seiji Maehara, the first minister to join a BoJ meeting in nearly a decade, said he'd probably join next week's meeting again. Maehara said today that he hopes to "continue calling on the BOJ to pursue powerful monetary easing to achieve at an early date its 1 percent inflation target". USD/JPY retreats mildly after breaching 80 but that should be relatively shallow. We'd expect broad based weakness in the yen to continue in near term. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9903; (P) 0.9934; (R1) 0.9951; More. Despite breaching 0.9948 resistance (38.2% retracement of 1.0455 to 0.9633 at 0.9943) to 0.9963, there was no follow through buying in USD/CAD and the pair retreated. With 4 hours MACD crossed below signal line, intraday bias is turned neutral first. Focus remains on 0.9948. As noted before, sustained break there will have larger bullish implication and will target 61.8% retracement at 1.0141 and above. On the downside, break of 0.9762 support is needed to confirm completion of rebound from 0.9633. Otherwise, further rally will stay mildly in favor even in case of deep retreat. |
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European Session: Orders and Options WatchEUR: The single currency retreated after faltering below yesterday's high of 1.3084 and the release of soft French data put extra pressure on euro, bids at 1.3040 were filled, however, demand from Asian and Middle East names are still noted at 1.3020 and also from 1.3010 down to 1.2990 with sizeable stops building up below 1.2990 but fresh demand should emerge around 1.2940-50, more stops are placed below 1.2920-25 and 1.2890. On the upside, offers remain at 1.3070-75 and selling interests are still noted around 1.3090-00, followed by more sizeable sell orders at 1.3140-50 (related to 1.3150 option barrier) with stops building up above there. | |||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.6085Although cable retreated after yesterday’s rebound from 1.5990 to 1.6052, break of said support is needed to signal the decline from 1.6178 top has resumed and extend weakness towards previous support at 1.5975, once this level is penetrated, this would extend early fall from 1.6310 top towards 1.5950 but loss of near term momentum would limit downside and price should stay well above 1.5900-10. If said support continues to hold, then further consolidation would take place and another bounce to 1.6052 cannot be ruled out Trade Idea: USD/JPY – Buy at 79.20Despite intra-day marginal rise to 80.02, as dollar has retreated from there, suggesting consolidation would be seen with mild downside bias for pullback to 79.40-47 (current level of the Ichimoku cloud top and previous resistance), however, reckon support at 79.15 (Friday’s low) would limit downside and bring another rise later. A break of said resistance would extend recent upmove to 80.20-25 but loss of near term upward momentum should prevent sharp move beyond 80.50-60 and price should falter below 80.75-80 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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