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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Dollar Mildly Softer Despite Stronger CPI Dollar is mildly softer while yen seems to be reversing in early US session. Inflation data from US saw CPI accelerated more than expected to 1.5% yoy in December. Core CPI was unchanged at 1.7% yoy as expected. Initial jobless claims dropped slightly to 326k in the week ended January 11. A focus later today is on outgoing Fed chairman Bernanke's speech. Ever since the poor NFP released last Friday, Fed officials sung a chorus to talked down the significance of that piece of data. And, all of them reinforced the case that Fed will continue tapering the asset purchase program at measured pace at every FOMC meeting this year. Bernanke is expected to deliver similar message if he touches on monetary policies. Full Report Here...
Featured Technical Report
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 104.19; (P) 104.44; (R1) 104.80; More... USD/JPY's rebound lost momentum after hitting 104.91 and retreats sharply since then. Focus is back on 104.21 minor support. Break will argue that rebound from 102.85 has completed and would turn bias back to the downside for this support first. Overall, we'd expect strong resistance below 105.41 short term top to bring another decline. Break of 102.85 will target 55 days EMA (now at 102.39). Also, considering bearish divergence condition in daily MACD, sustained trading below the 55 days EMA will have bearish implications. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

FX Outlook 2014

Yen To Weaken Further In 2014

JPY is expected to depreciate against USD for a third consecutive year in 2014. Rate differential and better economic prospects in the US than Japan should favor the US dollar's rally. On monetary policies, the Fed has begun tapering of QE measures and an optimistic recovery path should eventually tame fears of tapering. On the other hand, it's widely anticipated that the BOJ would extend asset purchases in 1Q14, before the consumption tax hike in April. Concerning the economy, the US' recovery is expected to accelerate this year although inflation remains low. However, the increase in consumption tax in Japan would likely dampen economic activities and more stimuli are needed to boost growth. On inflation, some policymakers remain skeptical on whether inflation would reach the 2% target by FY 2015

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2014 Elliott Wave Forecast

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
23:50	JPY	Tertiary Industry Index M/M Nov	0.60%	0.80%	-0.70%	-0.90%
23:50	JPY	Machine Orders M/M Nov	9.30%	1.20%	0.60%
23:50	JPY	Domestic CGPI Y/Y Dec	2.50%	0.40%	2.70%	2.60%
00:01	GBP	RICS House Price Balance Dec	56%	59%	58%
00:30	AUD	Employment Change Dec	-22.6K	10.3K	21.0K	15.4K
00:30	AUD	Unemployment Rate Dec	5.80%	5.80%	5.80%
07:00	EUR	German CPI M/M Dec F	0.40%	0.40%	0.40%
07:00	EUR	German CPI Y/Y Dec F	1.40%	1.40%	1.40%
09:00	EUR	ECB Monthly Bulletin
10:00	EUR	Eurozone CPI M/M Dec	0.30%	0.30%	-0.10%
10:00	EUR	Eurozone CPI Y/Y Dec F	0.80%	0.80%	0.80%
10:00	EUR	Eurozone CPI - Core Y/Y Dec F	0.70%	0.90%	0.90%
13:30	CAD	International Securities Transactions (CAD) Nov	8.66B	7.21B	4.41B
13:30	USD	Initial Jobless Claims (JAN 11)	326K	327K	330K	328K
13:30	USD	CPI M/M Dec	0.30%	0.30%	0.00%
13:30	USD	CPI Y/Y Dec	1.50%	1.40%	1.20%
13:30	USD	CPI Core M/M Dec	0.10%	0.10%	0.20%
13:30	USD	CPI Core Y/Y Dec	1.70%	1.70%	1.70%
14:00	USD	Net Long-term TIC Flows Nov		42.3B	$35.4B
15:00	USD	Philly Fed Survey Jan		8.8	7
15:00	USD	NAHB Housing Market Index Jan		58	58
15:30	USD	Natural Gas Storage			-157B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency continued to find good support just below 1.3600 and has rebounded in NY morning, offers at 1.3630 and 1.3645-50 were filled but sell orders are tipped at 1.3670 and 1.3685, combination of offers and stops is seen at 1.3700, more selling interest is located at 1.3725-35 and further out at 1.3750. On the downside, bids are now seen from 1.3600 down to 1.3550, combination of bids and stops is located at 1.3530 and more buy orders are expected at 1.3500-10.

Trade Idea Update: USD/CHF - Hold short entered at 0.9100

As the greenback has maintained a firm undertone, suggesting marginal gain above yesterday's high of 0.9108 cannot be ruled out, however, as broad outlook is still consolidative, reckon upside would be limited and bring retreat later, below 0.9051 (yesterday's low) would suggest top is possibly formed, bring weakness to the lower Kumo (now at 0.9035) but only break there would indicate the rebound from 0.8986 has ended, bring another test of this support

Trade Idea Update: EUR/USD - Hold long entered at 1.3590

Despite yesterday's fall to 1.3581, the subsequent rebound has retained our near term bullishness and consolidation with mild upside bias is seen for test of the Ichimoku cloud bottom (now at 1.3638) but break of the upper Kumo (now at 1.3654) is needed to signal the retreat from 1.3699 has ended and bring another rise from 1.3548 low for gain towards said resistance. Looking ahead, above this level would extend the rebound from 1.3548 for retracement of recent decline to 1.3721-28