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Daily Report: USDJPY Heading to 2013 High after Brief ConsolidationsDollar regained some grounds overnight as markets continued to price in Fed's tapering. DOW also dropped for another day on such backdrop and closed -104.1 pts lower at 15739.43 and long term yields rose mildly. While the greenback is still stuck in tight range against European majors, its strength was more apparent against the Japanese yen and Australian dollar. USD/JPY's retreat proved to be short-lived as the pair resumed recent rally and reached as high as 103.65 so far, which is close to 2013 high of 103.73. The pair took EUR/JPY to new 2013 high of 142.51. The expectation of diverged policy path was the main driver in the moves as Fed is expected to scale back the asset purchase while BoJ is expected to launch another round of easing next year to boost inflation to its 2% target. Fed and BoJ will meet next week. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 102.69; (P) 103.05; (R1) 103.73; More... USD/JPY's rally resumed by taking out 103.37 to as high as 103.66 so far. Upside momentum is a bit unconvincing and we'd stay cautious on strong resistance fro 103.73 to bring reversal. Below 102.14 support will indicate short term topping and turn bias back to the downside for 100.61 resistance turned support first. However, decisive break of 013.73 will confirm resumption of larger up trend and would target 110 psychological level next. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has retreated after faltering below yesterday's high of 1.3811, bids at 1.3770 and 1.3750 were filled, stops below 1.3735-40 are now in focus, however, fresh demand should emerge 1.3700-10 and further out at 1.3650-60 with more stops tipped below both levels. On the upside, offers are now seen at 1.3790-00 and 1.3820-25, more sell orders in good size are tipped at 1.3840-50 (another barrier), more stops are reported at 1.3870-85 with mixture of offers and stops located further out at 1.3900 barrier. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Hold long entered at 1.0565Despite intra-day fall to 1.0561, as the greenback did find renewed buying interest there (we recommended to buy at 1.0565) and has staged a rebound, retaining our bullishness for another rise, above 1.0670-75 would signal the pullback from 1.0708 has ended and bring a retest of this level later, however, break of said resistance is needed to extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0730 Trade Idea: EUR/GBP - Buy at 0.8350As the single currency has maintained a firm undertone after rising to 0.8432 yesterday, adding credence to our bullish view that a temporary low is possibly formed at 0.8252 earlier this month and bullishness remains for this rise to bring a stronger correction of recent decline towards 0.8464 resistance later, however, break there is needed to retain upside bias Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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