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Mid-Day Report: Yen Fighting Back after Poor US Durables Orders, Fed Beige Book and RBNZ NextYen is trying to fight back in early US session after disappointing durable goods orders report from US. Headline durable orders dropped sharply by -1.0% in June, the biggest fall since August 2009 and much worse than expectation of 0.8% rise. Ex-transport orders also dropped by -0.6%. Sentiments are also weighed down slightly after Boeing reported that Q2 profit fell 21% with revenue drop in both the commercial airplane and defense units. Yen recovers strongly from intraday low against dollar, euro and sterling. Nevertheless, there is no indication of reversal in yen crosses yet. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 87.16; (P) 87.56; (R1) 88.30; More. USD/JPY retreats after climbing to 88.11 earlier today but outlook remains unchanged so far. Recovery from 86.26 could still continue but upside is expected to be limited well below 89.14 resistance and bring fall resumption. Below 86.83 minor support will flip intraday bias back to the downside. Further break of 86.26 will confirm that whole decline from 94.97 has resumed and should target 84.81 key support level next. |
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Trade Idea: EUR/JPY – Buy at 113.50As the single currency has continued to move higher after breaking indicated resistance at 113.40, suggesting recent rise from 107.30 low remains in progress and would bring a stronger retracement of early decline 115.00, however, near term overbought condition would prevent sharp move beyond 116.09 (100% projection of 107.30 to 113.37 measuring from 110.02) and 116.56 (61.8% Fibonacci retracement of 122.29 to 107.30) should hold. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Buy at 1.0520As dollar has continued to edge lower after rising to 1.0640 yesterday, suggesting further consolidation below this resistance would be seen and although retracement to the Ichimoku cloud top (now at 1.0537) is likely, reckon 1.0515/20 (50% Fibonacci retracement of 1.0394 to 1.0640) would contain downside and bring another rise later. Trade Idea Update: USD/JPY – Buy at 87.30As the greenback has retreated after intra-day marginal rise to 88.12, suggesting a minor top has been formed and consolidation with mild downside bias would be seen, however, reckon 87.23-27 (50% Fibonacci retracement of 86.34 to 88.12 and current level of the Ichimoku cloud top) would contain pullback and bring another rise later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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