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Daily Report: Yen Recovers as Nikkei Knocked Down by Poor GDPThe Japanese is trying to recover as poor GDP data knocks down Nikkei. Q3 GDP unexpectedly contracted -0.4% qoq versus expectation of 0.5% qoq growth. That means, Japan slide back into technical recession with a deeper -1.8% qoq contract back in Q2. GDP price index rose 2.1% yoy versus expectation of 1.9% yoy. Nikkei is down more than -2% at the time of writing and is having 17000 handle in sight.. An economic adviser of prime minister Shinzo Abe noted that the slide in the economy was "shocking" and it's not a situation to debate another sales tax hike any more. He noted it should be time to focus on how to support the economy. Today's GDP data would solidify the case for Abe to postpone the next planned sales tax hike in October 2015. Abe might hold a press conference this week to announce the decision, which might come with a early election to secure the support for this decision. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 115.74; (P) 116.28; (R1) 116.84; More... USD/JPY edged higher to 117.05 today but retreated sharply since then. Nonetheless, 113.85 support remains intact and further rise is still expected. Current rally should continue to 161.8% projection of 101.08 to 110.08 from 105.19 at 119.75 next. However, break of 113.85 will indicate short term topping and bring deeper correction before staging another rally. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped in NY morning on dollar's broad-based rebound in part due to the release of stronger-than-expected US data, bids at 1.24220-30 and 1.2400-05 were filled, mixture of bids and stops at 1.2390-95 is now in focus, however, some buy orders are still noted at 1.2375 and 1.2355-60 with more stops placed below 1.2350. On the upside, offers are lowered to 1.2440-50 and 1.2470-80, more sell orders are reported at 1.2490-05 (stops above 1.2510), 1.2520-25 (stops above 1.2530-35) and 1.2550-55, selling interest is expected at 1.2580 and 1.2600. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy again at 0.7870As the single currency has maintained a firm undertone after this week's anticipated rally, adding credence to our view that retreat from 0.8047 has ended at 0.7799 as wave b and upside bias is seen for current wave c (tentatively an impulsive move) to bring retest of said resistance at 0.8047, break there would extend the rise from 0.7766 low for further gain to 0.8066 and later towards 0.8100-10. Trade Idea: USD/CAD - Buy at 1.1260Despite intra-day rebound to 1.1393, as the greenback has retreated again after faltering below indicated resistance at 1.1402, 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 said resistance at 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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Fundamental Highlights
Technical Highlights
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