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Daily Report: Yen Broadly Higher in Thin MarketsThe Japanese yen is sharply higher against other major currencies today as risk aversion moves are exaggerated by thin market conditions. GDP report from US and New Zealand were both disappointing. Beside, China's seven-day repurchase rate surged to a three year high on speculation that fund shortage will worsen during the holiday period. Meanwhile, there were also talk that the sovereign crisis in Eurozone will deepen further in 2011 as the region will issue more securities to fund the Greece and Ireland bailout, and potentially others. Euro remain particularly weak against Swissy and Aussie. Meanwhile, Yen is picking up strength on risk aversion too. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 128.01; (P) 128.85; (R1) 129.38; More GBP/JPY's fall extends further to as low as 128.03 so far today and met mentioned target of 100% projection of 134.19 to 129.32 from 133.03 at 128.16. Intraday bias remains on the downside and deeper decline would be seen to test 126.42 key support level next. On the upside, above 128.72 minor resistance will turn intraday bias neutral first and bring recovery. But strong resistance should be seen at 4 hours 55 EMA (now at 130.44) to limit upside and bring fall resumption. |
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Trade Idea: USD/JPY – Sell at 83.55Current selloff signals the decline from 84.51 top is still in progress and test of previous support at 82.83 is underway, break there would extend weakness towards 82.34-36 (another previous support and 50% Fibonacci retracement of entire rise from 80.21 to 84.51) which is likely to hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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