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Daily Report: Yen's Selloff Continues as Abe May Announce Tax Hike Delay Next WeekYen's decline extends today as a Japanese newspaper reported that prime minister Shinzo Abe would hold a press conference next week regarding the delay of the next sales tax hike. Abe could also announce to dissolve the parliament for an early election with details on the reasons for the decision. Economic minister Akira Amari said that Abe is likely to clarify the new schedule for tax hike while Finance Minister Taro Aso said an appropriate decision would be made. It's believed that the Q3 GDP report due on Monday would be the key to Abe's decision. USD/JPY rose to new seven year high of 116.37 on the news. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 114.90; (P) 115.45; (R1) 116.02; More... USD/JPY's rally continues today and reaches as high as 116.37 so far. Upside momentum is a bit weak. But with 113.85 support intact, near term outlook stays bullish for further rise to 161.8% projection of 101.08 to 110.08 from 105.19 at 119.75 next. On the downside, break of 113.85 support, however, will indicate short term topping, possibly with bearish divergence condition in 4 hours MACD, and bring lengthier consolidation. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency edged higher today but offers are still noted at 1.2480 and 1.2495-05 (stops above 1.2510), more sell orders are tipped at 1.2520-25 (stops above 1.2530-35) and 1.2550-55, selling interest is reported at 1.2580 and 1.2600. On the downside, bids remain at 1.2430-35 and 1.2420, buy orders are noted at 1.2395-05 (stops below 1.2390), 1.2375 and 1.2355-60, combination of bids and stops is seen at barrier at 1.2350. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/JPY - Buy at 115.35Current breach of previous resistance at 116.10 confirms recent upmove has resumed and further gain to 116.45-50 (50% projection of 107.61-114.21 measuring from 113.17) and possibly 116.70-75 would be seen, however, loss of upward momentum should limit upside to 117.00, risk from there has increased for a retreat to take place later. Trade Idea: USD/CAD - Buy at 1.1260The greenback met resistance at 1.1402 and has slipped again, retaining our view that further consolidation below last week's high at 1.1467 would be seen and another corrective fall to 1.1254-59 (61.8% Fibonacci retracement of 1.1122-1.1467 and previous minor support) cannot be ruled out but renewed buying interest should emerge there, bring another rebound, above 1.1402 would signal the pullback from 1.1467 has ended and bring retest of this resistance Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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