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Mid-Day Report: Dollar Downside Breakout, Hitting New Record Low against YenDollar is sharply lower across the board as markets enter into US session on a couple of factors. Fed Tarullo's call for resuming large scale purchase of mortgage-backed securities is certainly weighing on the greenback. In addition, German Chancellor Merkel insisted today that Germany and France have agreed over the main points on the plan to tackle the debt crisis. Pound received a strong boost from data showing that budget deficit shrank more than expected. Canadian dollar was boosted by stronger than expected consumer inflation data. Meanwhile, the Japanese yen, which finally breaks out of recent range against dollar, is boosted by news that Japan approved JPY 12.T extra budget for reconstruction and just maintained its verbal warning on strong yen. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 76.68; (P) 76.77; (R1) 76.89; More. USD/JPY dropped sharply to as low as 75.80 so far today and the break of 75.94 confirmed that recent decline from 85.51 has resumed. Intraday bias is back on the downside, and current fall should target 61.8% projection of 80.23 to 75.94 from 77.48 at 74.82 first. On the upside, above 76.60 minor resistance is needed to signal bottoming. Otherwise, we'll stay bearish even in case of strong recovery. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: The greenback tumbled on dollar's broad-based weakness partly due to dovish comments from Tarullo who said additional measures are needed to boost demand, speculation that the Japanese officials may not provide any new measures to curb yen's strength also put heavy selling pressure on the headline pair. UK clears and U.S. big names were seen selling the pair aggressively, stops below 76.40, 76.00 and 75.90 were all tripped and price quickly dropped to fresh record low of 75.78, although price has bounced 40 points from there low on rumors of BOJ checking rates, offers are still noted at 76.50-60 and also 76.90-00 with stops building up above 77.10. On the downside, mixtures of bids and stops are tipped at 75.70 and also 75.50 (barrier) with next barrier seen further out at 75.00. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/JPY – Stand asideThe single currency has remained locked within this week’s range of 104.78-107.68 and further sideways trading is in store as traders await EU summit over the weekend. Only breach of said lower range would add credence to our view that top has been formed at 107.68 and bring retracement of the rise from 100.77 to support at 104.02 but below there is needed to confirm and extend weakness towards 103.50. Trade Idea Update: USD/JPY – Stand asideThe greenback tumbled in New York morning on dollar’s broad-based weakness and the breach of 75.94 record low signal the major downtrend has resumed and weakness to 75.70 cannot be ruled out, however, near term oversold condition should prevent sharp fall below 75.50 and reckon price would stay well above psychological support at 75.00, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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