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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 |
Mid-Day Report: Yen Struggles to Extend Gains ahead of BoJThe Japanese yen was mildly higher earlier today on risk aversion but struggles to extend gain ahead of tomorrow's BoJ policy announcement. Economists are generally expecting the central bank to keep policies unchanged. That is, rates would be held near zero while the target of monetary base expansion would be held at JPY 60-70T per annum. Nonetheless, it's also generally expected that BoJ would launch another round of easing later this year to offset the impact of the sales tax hike. According to a survey by Bloomberg at the end of March, majority of analysts expected the move in July. And, most expected raising the pace of monetary expansion, with increase in JGBs and ETF purchase. In addition, nearly 80% of survey respondents expected the government to launch a fiscal stimulus package to support the economy within this fiscal year, which could be as large as JPY 1-3T. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 102.92; (P) 103.52; (R1) 103.85; More... Intraday bias in USD/JPY is mildly on the downside for the moment. The consolidation pattern from 100.75 could have completed at 104.12 already. And, the correction pattern from 105.41 could be starting the third leg. Deeper fall would be seen to 100.75/101.20 support zone. Above 104.12 will extend the second leg higher. But we'd expect strong resistance below 105.41 to bring reversal to start the third leg. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: The greenback met renewed selling interest at indicated level of 103.30 and has retreated in NY morning, offers are still noted at 103.30, 103.50 and 103.80, more sell orders are tipped at 104.00, 104.15-25 and 104.40-50, selling interest from Japanese corporates remains at 104.80-105.10 area (sizeable stops above 105.00 barrier) and 105.35. On the downside, bids in good size remain at 102.90-103.00, decent demand is seen at 102.80, combination of bids and stops is located at 102.60-70, followed by more stops below 102.40 and 102.20 but sizeable buy orders are expected at 102.00. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.8870As the greenback has retreated after Friday's brief rise to 0.8953, suggesting consolidation below this level would be seen and pullback to the upper Kumo (now at 0.8901) is likely, however, downside should be limited to the lower Kumo (now at 0.8874) and bring another rise later, above said resistance at 0.8953 (Friday's high) would extend recent rise from 0.8699 low to 0.8980 but overbought condition should prevent sharp move beyond psychological resistance at 0.9000 Trade Idea Update: EUR/USD - Sell at 1.3755Despite Friday's brief fall to 1.3673, as the single currency has rebounded in part due to cross-buying in euro, suggesting consolidation above said support would be seen and recovery to the lower Kumo (now at 1.3733) is likely, however, reckon the Ichimoku cloud top (now at 1.3759) would limit upside and bring another decline later. A break of said support would signal recent fall from 1.3967 top is still in progress for retracement of early upmove to 1.3660-65 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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