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Daily Report: Yen Firm on Risk AversionYen extends recent rally as the week started with risk averse sentiments. Over the weekend, Fed Vice Chair Fischer indicated in the annual meeting of the IMF that "if foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise". Speaking before the Institute of International Finance Fed, Fed Governor Tarullo noted that he's "worried about growth around the world, there are more downside risks than upside risks". |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 107.44; (P) 107.80; (R1) 107.98; More... USD/JPY's correction from 110.08 extends to as low as 107.05 so far today. Deeper decline could still be seen but we'd expect strong support from 38.2% retracement of 101.08 to 110.08 at 106.64 and bring rally resumption. Above 108.18 minor resistance will bring retest of 110.08 first. Break will extend recent up trend to long term fibonacci level at 111.62. Though, sustained break of 106.64 will target 61.8% retracement at 104.51. |
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| Orders and Options Watch | |||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency dropped again and bids at 1.2650 and 1.2625 were filled but buy orders are reported at 1.2620 and 1.2600 (stops below), fresh demand should emerge around 1.2580-85, 1.2550-60 and 1.2500-10. On the upside, offers are lowered to 1.2670-75, 1.2700 and 1.2715-20 (stops above), sell orders are expected at 1.2730-40, 1.2765-70 and 1.2790-00(stops above 1.2810), selling interest is tipped 1.2820-25 and 1.2850. | |||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||
Trade Idea: EUR/GBP - Buy at 0.7805As the single currency has maintained a firm undertone after staging a strong rebound from 0.7766, retaining our view that a temporary low has been formed there and consolidation with upside bias remains for retracement of recent decline, above 0.7915 would provide confirmation, bring retracement of recent decline to 0.7950-55 and later towards 0.8000 later. Trade Idea: USD/CAD - Buy at 1.1100Despite yesterday's fall to 1.1082, as the greenback has staged a strong rebound after holding above previous support at 1.1072, suggesting further consolidation would be seen but only break of resistance at 1.1270-79 would confirm recent upmove has resumed and extend gain to 1.1300-10 and possibly 1.1340-50, however, overbought condition would limit upside to 1.1400. 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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