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Mid-Day Report: Yen Stays Weak in Quiet Day, DOW May Test Historical HighThe Japanese yen remains the weakest currency today as markets are lifted by risk appetite. European indices are generally higher following the rally in Asian stocks excluding Japanese markets. US futures also point to higher open. In particular, DOW could be making a new record high if it an extends its early rally. On the data front, Swiss retail sales dropped -3.0% yoy in March versus expectation of 1.9% yoy. Australian NAB business confidence improved to 6 in April. Japan current account deficit widened to JPY -0.78T in March. Japan eco watchers survey dropped sharply to 41.6 in April. These release triggered little reaction in the markets. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.60; (P) 101.72; (R1) 101.91; More... Intraday bias in USD/JPY remains neutral as consolidation from 101.42 temporary low continues. We're holding on to the view that consolidation pattern from 100.75 has completed at 104.12 already. Thus, we'd expect recovery to be limited well below 103.01 resistance and bring fall resumption. Break of 101.32 will argue that whole decline from 105.41 is resuming and USD/JPY should fall through 100.75 support to 100% projection of 104.12 to 101.32 from 103.01 at 100.21 next. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: The greenback has risen again after holding above intra-day low of 101.80, offer at 102.00 were filled but sell orders are still noted at 102.10 and 102.30-50 region, more selling interest is tipped at 102.75-85 and 102.90-00, mixture of offers and stops is located at 103.10. On the downside, bids are raised to 101.80-85, 101.65 and 101.50, decent demand remains at 101.25-35, more buy orders are located at 101.00, 100.75 and 100.50. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.8820Dollar has eased after intra-day marginal rise to 0.8877 and consolidation with mild downside bias is seen for retracement to the Kijun-Sen (now at 0.8857), however, reckon 0.8815-20 would limit downside and bring another rise, above said resistance would extend the upmove from 0.8703 (last week's low) to 0.8900-10, however, near term overbought condition should limit upside to previous chart resistance at 0.8953 and price should falter well below 0.9000. Trade Idea Update: EUR/USD - Sell at 1.3840The single currency has recovered after falling to 1.3745 late Friday, minor consolidation would be seen and although recovery to 1.3790-00 cannot be ruled out, however, upside should be limited to 1.3840-50 and bring another decline, below said support would extend the reversal from 1.3993 top for correction of recent upmove to 1.3730 and possibly towards 13700, however, near term oversold condition should limit downside to 1.3670 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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