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Daily Report: Yen Extends Rally on Risk Aversion, Sterling Weighed Down by Weale's CommentsDollar and yen are broadly higher on broad based weakness in Asian equities where Nikkei dropped -1.33% to close below 9000 level at 8995. Meanwhile, crude oil also extends recent fall and breaches 83 level. Yen is even stronger as immediate intervention risk is cleared and is trading above last week's high against most major currencies except dollar and swissy. Dollar index extends recent rebound and is pressing 83.45 cluster resistance level for the moment. Sterling is so far the weakest one this week on pessimistic comments from new MPC member Weale. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 131.62; (P) 132.47; (R1) 132.93; More GBP/JPY's fall from 137.75 resumes by taking out 131.96 and drops sharply to as low as 130.19 so far. The strong break of 130.82 support confirms our view that whole rebound from 126.73 is finished at 137.75 already. Intraday bias remains on the downside and further decline should be seen for 126.78 first. Break will confirm that whole decline from 163.05 has resumed for a retest on 118.81 low. On the upside, above 131.96 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 134.79 resistance and bring fall resumption. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.5500Cable's selloff after breaking previous support at 1.5464 suggests recent decline from 1.5999 is still in progress and further weakness to 1.5375/80 (61.8% projection of 1.5999 to 1.5498 measuring from 1.5689), then 1.5350/55 (50% projection of 1.5999 to 1.5464 measuring from 1.5620), however, near term oversold condition should limit downside to 1.5322 (38.2% Fibonacci retracement of 1.4228 to 1.5999). Trade Idea: EUR/USD – Sell at 1.2735Although euro's breach of 1.2664 support confirms recent decline from 1.3334 top has resumed, as price has recovered from 1.2620, suggesting minor consolidation would take place and above the Kijun-Sen (now at 1.2675) would bring retracement to 1.2725-35 (approx. 38.2% Fibonacci retracement of 1.2903 to 1.2620, current level of the Ichimoku cloud bottom and previous resistance), however, renewed selling interest should emerge there and bring another decline later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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