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Daily Report: Yen Weakens Further as Kan Gets Support to be Next PMJapanese yen continues to be the weakest major currency as stocks rebound and as Finance Minister Naoto Kan gets closer to succeed Yukio Hatoyama as prime minister. Kan won support from Foreign Minister Katsua Okada who said he'd like Kan to "fulfill Hatoyama's wish to regain the party's spirit lost by money politics." Transport Minister Seiji Maehara also said he will back Kan. Kan is known to support a weak yen policy and expects more from BoJ to take deflation and support growth. Nikkei jumped sharply higher by 3.24% to 9914 today. Japanese yen is broadly lower against other major currencies with USD/JPY up to 92.40. The ruling DPJ will vote for a new head tomorrow. Data from Japan saw capital spending dropped more than expected by -11.5% in Q1. |
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EUR/JPY Daily OutlookDaily Pivots: (S1) 111.53; (P) 112.29; (R1) 113.60; More. EUR/JPY rebounds further to as high as 113.86 today and the break of 113.67 suggests that more rise would be seen. Nevertheless, there is no change in the view that price actions from 108.82 are merely consolidations to larger fall. Upside is expected to be limited by 38.2% retracement of 127.88 to 108.82 at 116.10 and break fall resumption. On the downside, decisive break of 108.82 low will confirm down trend resumption and should target 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45 next. |
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Trade Idea: EUR/USD – Buy at 1.2220Despite yesterday's fall to 1.2175, as the single currency found good support there and staged a strong rebound, retaining our view that further consolidation above support at 1.2110 temporary low would be seen and another leg of corrective upmove is underway towards resistance at 1.2355, however, break there is needed to extend rise towards 1.2395/00 but price should falter well below resistance at 1.2454. Trade Idea: USD/JPY – Buy at 91.95Current firmness partly due to renewed cross-selling in yen suggests recent upmove from 88.95 is still in progress and gain to resistance at 92.97 would be seen, however, loss of near term upward momentum would limit upside and price should falter below resistance at 93.65. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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