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Daily Report: Yen and Dollar Fall on Strength in Asian StocksDollar and yen extend recent pull back in Asian session today on strength in equities. Nikkei gapped higher and jumped 1.8% to 9879.85. Crude oil strengths and is set to take on 75 level while cold is hovering around 1230 level. Dollar index, on the other hand, breaks 87 level again and remains weak. New Zealand dollar shrug off weaker than expected retail sales data, which dropped -0.3% mom in April and managed to ride on risk appetite to gain against dollar and yen. Among major currencies, Aussie and Sterling are the strongest so far, up 1% against yen and 0.7% against dollar. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 110.37; (P) 110.88; (R1) 111.48; More. EUR/JPY's recovery from 108.06 extends further today and reaches as high as 112.18 so far. Further rise cannot be ruled out. But after all, upside is expected to be limited by 114.13 resistance and bring down trend resumption. Below 110.26 minor support will flip intraday bias back to the downside. Decisive break of 108.06 will target 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45 next. However, note that strong break of 114.13 resistance will argue that EUR/JPY might have formed a short term bottom and bring stronger rebound instead. |
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Trade Idea: USD/JPY – Buy at 91.30As the greenback has risen again after Friday's brief retreat to 91.20 on risk appetite after the release of solid U.S. data, suggesting the rise from 90.84 may extend gain to 92.10, break there would retain bullishness and signal early fall from 92.89 has ended at 90.84 earlier, then headway towards 92.50 would follow but resistance at 92.89 would cap upside. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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