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Daily Report: Yen Mildly Higher, Japan Inflation Hits Five Year HighDOW managed to recover overnight and closed higher by 109.82 pts, or 0.7% at 15848.61. But the mildly positive sentiment wasn't carried through to Asia. Japanese Nikkei is losing -190 pts, or -1.27%, at the timing of writing, trading below 15,000 handle again. Asian markets are relatively quiet elsewhere with China on new year holiday. In the forex markets, Yen is generally higher against other major currencies. In particular, EUR/JPY dips further to as low as 138.66 so far as recent decline extends. USD/JPY and GBP/JPY are soft but manage to stay in recent range. AUSD/USD once again find strong resistance at around 0.88 and weakens mildly. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 138.75; (P) 139.35; (R1) 139.80; More... EUR/JPY's decline continues today and reaches as low as 138.66 so far. Intraday bias remains on the downside for 138.45. Break will put 135.50 key support level in focus. At this point, there is no clear sign of trend reversal yet. But sustained trading below the 55 days EMA, or break of 135.50 will be an important sign of medium term topping at 145.68. On the upside, break of 142.41 resistance is needed to confirm completion of fall from 145.68. Otherwise, outlook will stay mildly bearish. |
| FX Outlook 2014 |
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AUD's Weakness To Persist Amid Economic HeadwindsRecent price movements indicated that any rebound of AUDUSD is short-lived. Although rising inflation in Australia might provide short-term support to AUD, Australia's terms of trade should deteriorate further and downside risks related to Chinese growth should continue to weigh on the Aussie. There's no sign of a reversal of the AUDNZD downtrend as we enter 2014. Instead, the decline has perpetuated amid concerns over China's economic slowdown and speculations of rate hikes in RBNZ. With China's economic reform, which attempts to shift the balance of economic growth from investment to domestic demand, and the growing divergence between Australia and New Zealand on the economic prospects, we expect the downtrend of AUDNZD to continue this year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fed Tapers Further...The Fed's move in January was widely anticipated. It decided to reduce monthly asset purchases by a further US$10B to US $65B, by reducing Treasury purchases to US$ 35B/month and MBS purchases to US$ 30B/month. The recent growth assessment was also upgraded. However, the policy statement was largely unchanged. The decision was made with unanimous support, the first time since June 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Due to Chinese New Year holidays, next Candlestick and Ichimoku Trade Idea update will be made on Monday 3rd Feb 2014 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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