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Daily Report: Yen Lower after Strong GDP, USD/JPY Pressing 83The Japanese yen resumes recent decline against dollar and is pressing 83 level against the greenback after stronger than expected GDP data from Japan. GDP rose 0.9% qoq in Q3 versus expectation of 0.6% qoq. and was impressively stronger than Q2's 0.4% qoq. Annualized rate was at 3.9% versus expectation of 2.5% and last quarter's 1.8%. The data is encouraging for the economy and suggests that recovery remains on track and confirms acceleration. With the support from further easing from BoJ, recovery should maintain momentum in Q4. However, deflation remains a deep concern of Japan with the GDP deflator unexpectedly deteriorated to -2.0% yoy. There is little room for BoJ to slow down on its stimulus program yet |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 81.89; (P) 82.27; (R1) 82.89; More. USD/JPY's rebound from 80.29 resumes by taking out 82.78 and reaches as high as 82.96 so far. Intraday bias is back to the upside and further rise should be seen towards 100% projection of 80.29 to 82.78 from 81.64 at 84.13 next. Break there will put 85.92 key resistance level into focus. On the downside, break of 81.64 support is needed to indicate that rebound from 80.29 is finished. Otherwise, further rise will remain in favor. |
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Trade Idea: USD/CHF – Buy at 0.9785As the greenback has continued to move higher after holding above the Ichimoku cloud top last Friday, suggesting near term upmove from 0.9548 remains in progress and further gain to 0.9852 (100% projection of 0.9588 to 0.9768 measuring from 0.9672) and then 0.9880 is likely, however, overbought condition should limit upside and reckon 0.9900 would hold from here. Trade Idea: USD/JPY – Buy again at 82.25As the greenback has continued to move higher in line with our expectation, reinforcing our bullishness for recent upmove from 80.21 low to extend further gain towards 83.20/25 (38.2% Fibonacci retracement of 88.12 to 80.21), however, near term overbought condition should prevent sharp move beyond 83.75 (61.8% Fibonacci retracement of 85.94 to 80.21) and risk has increased for a retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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