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Daily Report: Yen Soft as CPI Slowed, German Ifo & UK GDP WatchedJapan Yen remains soft against other major currencies after release of inflation data today. The national CPI core slowed to 3.3% yoy in June as expected, down from May's 3.4% yoy. After adjustment for the April tax hike, CPI ore slowed to 1.3% yoy, down from prior month's 1.4% yoy. That's the second month of slow down from April's 1.5% yoy. BoJ governor Kuroda has repeatedly insisted that inflation was still on track to reach the 2% target and the setback was temporary. However, there were expectations that BoJ could be forced to ease policy further if inflation drop below 1% mark. Tokyo CPI core was unchanged at 2.8% yoy in July versus expectation of 2.7% yoy. Also released from Japan corporate services price index rose 3.6% yoy in June as expected. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 101.53; (P) 101.69; (R1) 101.97; More... The break of 101.79 resistance suggests that the choppy decline from 102.79 has completed at 101.06 already. Intraday bias is cautiously on the upside for 102.26 resistance. Break there confirm this case and target 102.79 resistance and above. Overall, pair is still bounded in the sideway pattern from 100.75 and we'd expect more sideway trading ahead. On the downside, below 101.41 minor support will turn bias back to the downside. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency bounced off low of 1.3438 in European session on better-than-expected PMI data, however, sell orders are reported at 1.3490-00 and 1.3520-30, mixture of offers and stops is located at 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. On the downside, bids remain at 1.3425-35 (stops below) and 1.3400-10, more buy orders are expected at 1.3370-80 and 1.3350. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.7905Euro's rebound after falling to 0.7874 suggests a temporary low is possibly formed and consolidation with mild upside bias is seen for test of resistance at 0.7980-85, break there would add credence to this view, bring correction towards 0.8000, a sustained breach above there would signal wave v has possibly ended at 0.7874 and bring test of resistance at 0.8034 (previous 4th of a lesser degree) which is likely to hold on first testing. Trade Idea Wrap-up: USD/CHF - Buy at 0.8970As the greenback has maintained a firm undertone after breaking previous resistance at 0.9013, suggesting the erratic rise from 0.8699 low is still in progress and may extend further gain to 0.9045-50, however, loss of upward momentum should prevent sharp move beyond 0.9060-65, price should falter below resistance at 0.9082 and reckon 0.9100 would hold from here, bring retreat later. 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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