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Daily Report: Yen Up Mildly, Dollar Steady ahead of US GDPYen strengthen broadly today as risk sentiments are hit by disappointing production data from Japan and Korea. Asian equities are broadly lower also as investors lighten their positions ahead of Q3 GDP data from US today as well as a line of event risks next week. Yen is also lifted mildly by quarter end repatriation. Dollar's overnight loss was limited and has kept it in range against most major currencies. Q3 GDP in US is expected to show stronger growth of 2.2% annualized and might trigger some volatility in the markets. But it's believed that reaction to the GDP data would be short-lived as markets are having their mind on next week's FOMC QE II announcement. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 80.66; (P) 81.22; (R1) 81.58; More. USD/JPY dips further to as low as 80.53 so far remains soft. At this point, we'd still expect some strong support from 80.40 to bring another rebound to continue the consolidations from there. Above 81.09 will flip intraday bias back to the upside for 81.97 resistance and above. However, decisive break of 80.40 will indicate that recent down trend has indeed resumed for 79.50 low. |
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Trade Idea: GBP/USD – Buy at 1.5870As the British pound has retreated after faltering below yesterday's high of 1.5979, suggesting consolidation below there would take place and retracement to 1.5896-97 (38.2% Fibonacci retracement of 1.5762 to 1.5979 and previous resistance) is likely, however, renewed buying interest should emerge around 1.5866-70 (another previous resistance and current level of the flat ground Kijun-Sen) and bring another rise later. Trade Idea: EUR/USD –Buy at 1.3820Despite intra-day marginal rise to 1.3952 (yesterday's high was 1.3946), lack of follow through buying and the retreat from there suggest consolidation would take place and retracement to the Ichimoku cloud top (now at 1.3858) is likely, however, reckon renewed buying interest would emerge around 1.3815/20 (61.8% Fibonacci retracement of 1.3734 to 1.3952) and bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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