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Mid-Day Report: Yen Rally Accelerates as Risk Aversion Intensifies, USD/JPY Breaches 84Yen's rally accelerates today as risk aversion intensifies. European stocks are broadly lower while crude oil breaches 72 level on worry on global recovery. S&P chief economist David Wyss said that "there is still a realistic possibility in the U.S. that it's slipping into this pattern like Japan has", i.e. 10, 20 years of stagnation. Meanwhile, more yen buyers jump in after the usual comments from Japan Prime Minister Kan that "steep currency moves are undesirable". It's nothing new from Kan which suggests immediate intervention and markets should sending USD/JPY towards 80 level to test Japan's tolerance. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 84.94; (P) 85.32; (R1) 85.55; More. USD/JPY's fall accelerates today and reaches as low as 83.71 so far today. The sustained trading below 85 level confirms long term down trend resumption. Intraday bias remains on the downside and further fall should be seen to next key level at 80 psychological support. On the upside, above 84.49 minor resistance will turn bias neutral and bring recovery. But upside should be limited below 86.36 resistance and bring fall resumption. |
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Trade Idea Update: GBP/USD – Sell at 1.5470As cable has recovered again after holding above intra-day support at 1.5373, retaining our view that minor consolidation would be seen and retracement to 1.5430/40 cannot be ruled out, however, reckon renewed selling interest would emerge below the Kijun-Sen (now at 1.5475) and bring another decline to 1.5350/55 (50% projection of 1.5999 to 1.5464 measuring from 1.5620) Trade Idea Update: USD/JPY – Sell at 84.50As the greenback has fallen again after brief recovery, suggesting recent decline remains in progress and further weakness to 83.46 (1.618 times projection of 89.15 to 86.27 measuring from 88.12) is underway, however, near term oversold condition should prevent sharp fall below 83.00 and risk from there has increased for a rebound later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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