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Daily Report: Yen Recovering With Selloff in StocksYen gathered some momentum for rebound towards the end of the week. US equities tumbled sharply overnight an worsening geopolitical tensions in Russia and the Middle East. It's reported that Russia is drafting bills to allow seizure of foreign assets in response to the sanctions by US. The markets were also dragged down by the steep selloff in shares of Apple Inc, which tumbled -3.8%. Inflation data released from Japan saw national CPI core slowed more than expected to 3.1% yoy in August while Tokyo CPI core dropped to 2.6% yoy in September. Both were below market expectation but was basically ignored by the markets. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 108.39; (P) 108.88; (R1) 109.24; More... The consolidation from 109.45 continues with another dip. Further retreat could be seen. But at this point, we'd expect downside of consolidations to be contained by 106.80 support and bring rally resumption. Above 109.45 will extend the larger rise to 100% projection of 96.56 to 105.43 from 101.08 at 109.95 next. Break there will pave the way to long term fibonacci level at 111.62. Meanwhile, break of 106.80 will indicate short term topping and bring lengthier consolidations before staging another rally. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered after brief drop below 1.2700, buy orders are seen at 1.2685, 1.2665 and 1.2650, fresh demand should emerge around 1.2620-25 and 1.2600. On the upside, offers remain at 1.2760, 1.2785 and 1.2800, more sell orders are located at 1.2825-35, 1.2850 and 1.2870-80, selling interest should emerge around 1.2900 and 1.2925-30 and 1.2950. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Sell at 0.7885Euro's breach of previous support at 0.7810 confirms recent decline has resumed and further weakness in wave v to 0.7770-75 would be seen, however, near term oversold condition should prevent sharp fall below 0.7750 and reckon 0.7725-30 would hold from here, risk from there is seen for a rebound to take place later. Trade Idea: USD/CAD - Buy at 1.1030Yesterday's breach of previous resistance at 1.1099 confirms recent upmove has resumed and further gain to 1.1150 and possibly 1.1200 would be seen, however, near term overbought condition should prevent sharp move beyond resistance at 1.1279, risk from there is seen for a retreat to take place 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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