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Mid-Day Report: Yen Volatility to Remain in Focus after Markets Digest Mixed US DataMarkets are overwhelmed by the sharp reversal in Japanese yen today and it remains the main theme in early US session. USD/JPY dropped from intraday high of 85.89 and reaches as low as 84.54 so far, a 135 pts swing after BoJ emergency announcement. Mixed data from provides little inspiration to markets and selling in yen crosses somewhat stabilizes a bit. Though, development in risk sentiments in US session would probably trigger another round of yen crosses in general. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 84.50; (P) 84.97; (R1) 85.68; More. As noted before, a temporary top is in place at 85.89 and intraday bias in USD/JPY remains neutral for the moment. On the upside, above 85.89 will bring another rise. However, since price actions from 83.61 should be conoslidative. Hence, even in case of another rise, upside is expected to be limited well below 88.25 support turned resistance and bring another fall. On the downside, below 84.27 minor support will flip intraday bias back to the downside. Further break of 83.61 will confirm down trend resumption and target 80 psychological level next. |
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ECB To Extend Full Allotment Of Refinancing Operations Towards Year-EndAt Thursday's ECB, president Trichet is expected to leave the main-refinancing rate unchanged at 1% and reiterate the view that current interest rates are 'appropriate' while 'the risks to the economic outlook are broadly balanced in an environment of uncertainty'. Market's focus will be on the press conference where Trichet will announce the new set of staff macroeconomic projections and extend emergency support for the Eurozone until early 2011. BOJ Pledged 10 Trillion Yen For 6 Months To Stimulate RecoveryAt the emergency held today, the Bank of Japan announced additional easing measures to boost Japan's economic recovery. The BOJ introduced a 6-month term in the fixed-rate funds-supplying operation against pooled collateral and substantially increased the amount of funds to be provided through the operation. This is the first unconventional measures that the BOJ adopted in 5 months. |
| Economic Indicators Update |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 1.0255Although the greenback has continued to edge lower from 1.0309, as we are keeping our view that a temporary low has been formed at 1.0220 last Friday, downside should be limited to the Ichimoku cloud bottom (now at 1.0255) and bring another rebound. Break of 1.0309-19 resistance would add credence to this mildly bullish view and bring correction to 1.0345-50 (38.2% Fibonacci retracement of 1.0555 to 1.0220) and possibly to 1.0388 (50% Fibonacci retracement). Trade Idea Update: EUR/USD – Hold long entered at 1.2695Euro's intra-day retreat after faltering below Friday's high of 1.2780 suggests caution on our long position entered at 1.2695 and 1.2661-66 (61.8% Fibonacci retracement of 1.2588 to 1.2780 and previous support) must hold to retain bullishness for prospect of another rebound later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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