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Daily Report: Yen Steady after Mixed Economic DataThe Japanese yen remains steady in range after release of a bunch of economic data. Unemployment rate dropped to 3.5% in August, hitting a three month low. Retail sales rose 1.2% yoy versus expectation of 0.3% yoy. Household spending, however, dropped -4.7% yoy versus expectation of -3.6% yoy. Labor cash earnings rose 1.4% yoy versus expectation of 1.0% yoy. The more important piece of data, industrial production, dropped -1.5% mom versus expectation of 0.2% mom rise. The production data suggests that manufacturing sector remains weak. Given the generally weak global economy and slow down in China, if would be hard for Japan manufacturing to pick up a recovery in the near future. Prime minister Shinzo Abe recently talked up the idea of a supplementary budget and markets would look forward to some more details about such idea from Abe. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 109.17; (P) 109.45; (R1) 109.78; More... USD/JPY lost momentum ahead of 100% projection of 96.56 to 105.43 from 101.08 at 109.95. But further rise is still expected with 108.47 support intact. Break of 109.95 will extend recent up trend to long term fibonacci level at 111.62. On the downside, below 108.47 support will indicate short term topping and bring deeper pull back before staging another rise. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency recovered after falling to 1.2664 earlier today and offers at 1.2700-10 were filled, however, sell orders are still seen at 1.2735-40 and in good size at 1.2755-65 (stops above), selling interest is expected at 1.2785 and 1.2800, offers are tipped at 1.2825-35, 1.2850 and 1.2870-80. On the downside, bids are noted at 1.2685 and 1.2660-65, buy orders are expected at 1.2650 and 1.2620-25, fresh demand should emerge around 1.2600 with stops building up below barrier at figure. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Sell at 0.7885Last week's breach of previous support at 0.7810 confirms recent decline has resumed and although price has recovered from 0.7785 (last week's low), reckon upside would be limited to 0.7850 and renewed selling interest should emerge around 0.7885-90, brig another decline in wave v to 0.7770, however, oversold condition should prevent sharp fall below 0.7750 and reckon 0.7725-30 would hold Trade Idea: USD/CAD - Buy at 1.1055As the greenback has surged after last week's breach of previous resistance at 1.1099, adding credence to our bullish view for recent upmove to resume and further gain to 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
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