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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Yen Crosses Gathering Downside Momentum on Risk AversionAfter failing to rebound earlier today, Yen crosses seem to be gathering downside momentum before the week closes. Risk aversion is a factor in driving the Japanese yen higher. European indices are generally lower, in particular, with DAX down -110 pts, or -1.1% at the time of writing. Investors sentiments were weighed down by renewed tensions in Ukraine. US stock futures are pointing to a lower open too. USD/JPY is taking the lead and breaches 102.02 minor support and should be heading back to 101.32 level. EUR/JPY and GBP/JPY are also seen dipping mildly. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 101.93; (P) 102.21; (R1) 102.47; More... Intraday bias in USD/JPY remains mildly on the downside for 101.32 support first. Break will indicate that whole decline from 105.41 is finally resuming. In such case, USD/JPY should fall through 100.75 support to 100% projection of 105.41 to 100.75 from 104.12 at 99.46. Meanwhile, above 102.72 will bring another rebound to extend the consolidation from 100.75. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: The greenback dropped today since Tokyo and bids at 102.00-10 were filled, buy orders in good size are still noted at 101.80-90 (stops below 101.80), more bids are reported at 101.65 and 101.50, decent demand remains at 101.20-40 area with stops building up below 101.20. On the upside, offers are lowered to 102.40-50, 102.65-75 and 102.90-10 (stops above), more sell orders are tipped at 103.30-50 area. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Buy at 1.0930As the greenback has retreated after rising to 1.1053 earlier this week, suggesting minor consolidation would be seen and pullback to 1.1000-05 and possibly 1.0980-85 cannot be ruled out, however, reckon support at 1.0940-45 would limit downside and bring another rise, above said resistance at 1.1053 would extend the rise from 1.0858 (tentatively wave iv trough) to 1.1065-70 (50% Fibonacci retracement of 1.1279-1.0858), risk from there has increased for a retreat. Trade Idea: EUR/GBP - Hold long entered at 0.8220Although near term sideways trading is likely to continue, this week's rebound from 0.8198 suggests mild upside bias is seen for gain to 0.8250 and then 0.8265-70, break of latter level would suggest low is possibly formed at 0.8198, bring at least a retracement of recent fall to 0.8283-85 but above resistance at 0.8310-15 is needed to signal recent decline has ended and subsequent headway to 0.8350 would follow. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights | ||||||||||||||||||||||||||||
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