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Daily Report: Yen Broadly Lower as Stocks Surge on China NewsYen open the week broadly lower as Asian equities outside of Japan surged on news regarding China. At the time of writing, the MSCI Asian Pacific ex-Japan index is rising 0.4%, in particular, with HK HSI up over 2.2%. It's reported that China will be relaxing the restrictions on foreign investments in listened companies and raising the quotas for capital flow. Chinese president Xi Jinping said that the country is still in a "significant period of strategic opportunity" but the government must take "timely countermeasures to reduce potential negative effects". Technically, USD/JPY is staying in tight range above 101.42 temporary low and we'd expect strong resistance well below 103.01 and bring fall resumption. EUR/JPY and GBP/JPY are staying below 140.80 and 172.29 minor resistance levels and maintains intraday downside bias. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 139.68; (P) 140.24; (R1) 140.60; More... Intraday bias in EUR/JPY remains on the downside despite recovery in Asian session. The current development revived the case that rebound from 136.22 has completed at 143.78 already. Also, the consolidation pattern from 145.68 is starting the third leg. Deeper fall would be seen back to 136.22 support. On the upside, above 140.80 minor resistance will turn bias neutral and bring recovery first before staging another decline. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to head south since yesterday's reversal, bids and stops at 1.3800-10 and 1.3770-85 were tripped, some bids are still seen at 1.3750 and 1.3730 with more stops placed below 1.3700 (some bids above). On the upside, offers are lowered to 1.3810-20, 1.3845-50 and 1.3875, more sell orders are located at 1.3900, 1.3935 and 1.3950-60. selling interest in good size remains at 1.3990-00 with stops expected above barrier at 1.4000. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Wrap-up: GBP/USD - Sell at 1.6905Cable's decline from 1.6996 has accelerated today, signaling top has been formed there earlier this week and downside bias is seen for correction of recent upmove to 1.6823 support, then 1.6800-07, however, near term oversold condition should limit downside to support at 1.6778 and reckon another previous support at 1.6763 would hold from here, bring recovery later. Trade Idea Wrap-up: USD/JPY - Sell at 102.15Dollar's recovery after holding above this week's low of 101.43 has retained our view that further consolidation above said support is in store and another bounce to 102.00-05 cannot be ruled out, however, still reckon upside would be limited to resistance at 102.19 and bring another decline later. A break of this week's low at 101.43 would extend weakness to indicated strong support at 101.20-21 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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