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Mid-Day Report: Yen Sharply Lower as BoJ Shocked MarketsThe Japanese yen tumbles sharply today as BoJ surprised the markets by announcing additional easing. The target for monetary base expansion was rated from JPY 60-70T to JPY 80T. The decision was not unanimously and was voted by 5-4. The central bank will buy at an annual pace of JPY 80T in JGBs, comparing to prior JPY 50T, at average maturity of seven to ten years comparing to prior average of seven years. In addition, BoJ will buy an annual pace of JPY 3T in ETFs and JPY 90b in J-REITS, comparing to prior JPY 1T and JPY 30b. BoJ Governor Haruhiko Kuroda said it's now a "critical moment for Japan to emerge from deflation" and thus the decision to expand the QQE. He noted today's announce was a "pretty drastic step" and would have a "significant effect" on the economy. Yen responded negatively to the announcement and dived to six year low against dollar. Nikkei jumped sharply by 755.56 points, or 4.83% to close at 16413.76. European equities were lifted by the BoJ actions too. Meanwhile, US stock futures point to sharply high open and DJIA might take a test on record high of 17350.64 today. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 108.80; (P) 109.13; (R1) 109.52; More... USD/JPY jumps to as high as 111.88 so far today and the strong break of 110.08 resistance confirmed up trend resumption. Intraday bias remains on the upside. Current rally could target 100% projection of 101.08 to 110.08 from 105.19 at 114.19 next. On the downside, below 109.46 minor support will turn bias neutral and bring consolidations first before staging another rise. |
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US Session: Orders and Options WatchJPY: Dollar continued to head north and offers at 111.80 and 112.00 were filled, however, some selling interest (for profit-taking purposes) is still seen around 112.40-50 and 112.80, mixture of offers and stops is located at 113.00-10. On the downside, bids are raised to 111.40-50 and in good size at 111.00-10 (some stops below figure), more buying interest should emerge around 110.70, 110.50 and 110.20-30. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Sell at 1.2630The single currency has fallen again after meeting renewed selling interest at 1.2632 yesterday, bearishness remains for the fall from 1.2887 to extend further weakness towards recent low at 1.2501, however, break there is needed to confirm early decline from 1.3993 top has resumed for further fall to 1.2470, then 1.2450 which is likely to hold from here due to near term oversold condition. Trade Idea Update: USD/JPY - Buy at 110.50As the greenback has rallied after finding renewed buying interest at 108.80 and broke above previous chart resistance at 110.09, adding credence to our bullishness and also confirming medium term uptrend has resumed for further gain to 112.00, however, near term overbought condition should limit upside to 112.40-50, risk from there is seen for a retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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