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Daily Report: Japan Considering JPY 4-5T Stimulus, Yen SteadyAsian equities are generally lifted by speculations that Japan is planning to introduce a further stimulus measures, but forex markets remain relatively steady. Japan's ruling democratic party might introduce a JPY 4-5T stimulus package as the effect of prior measures fade. Data from Japan saw trade surplus widened to JPY 0.59T in August. However, exports has been consistently weak since February. Indeed, August's decline in exports, by -2.3% mom, was the largest seen this year, showing the challenges posted by a strong yen on the export-led economy. It's believed that the Japanese government does need to do more to boost domestic demand to help Japan sustain its economic recovery. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 112.65; (P) 113.20; (R1) 114.14; More While EUR/JPY is losing some upside momentum, there is no sign of topping yet. Further rally is still expected with 112.16 support intact. Current rise from 105.79 is expected to continue to 114.72 resistance and above. On the downside, break of 112.16 will indicate that a short term top is formed and bring pull back. But downside should be contained by 109.54 resistance turned support and bring another rise. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: USD/JPY – Sell at 84.60Dollar's near term sideways trading is expected to continue and although recovery to the Ichimoku cloud bottom (now at 84.47) is seen, renewed selling interest should emerge around 84.60/65 (38.2% Fibonacci retracement of 85.40 to 84.12) and the Kijun-Sen (now at 84.76) should hold, bring another decline. | Suggested Readings | |||||||||||||||||||||||||||
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