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Mid-Day Report: Dollar Firm after ISM Manufacturing, Fresh Selling in YenDollar remains firm in early US session after better than expected manufacturing data. ISM manufacturing index rose to 59.0 in October versus expectation of falling to 51.5. Price paid component dropped sharply to 53.2. Meanwhile, employment component improved to 55.5. New orders component rose to 65.8. Also released from US, construction spending dropped -0.4% in September. Reactions to the data was mild with stocks staying in tight range near flat. In the currency markets, fresh selling is seen in the Japanese yen with USD/JPY surging to as high as 113.96. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 110.16; (P) 111.32; (R1) 113.46; More... USD/JPY's rally continues today and reaches as high as 113.87 so far. Intraday bias remains on the upside and break of 100% projection of 101.08 to 110.08 from 105.19 at 114.19 will target 161.8% projection at 119.75 next. On the downside, below 112.56 minor support will turn bias neutral and bring consolidations. But retreat should be contained by 110.08 resistance turned support and bring another rally. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar surged again after triggering stops above 113.00, offers at 113.25, 113.40-50 and 113.80-85 were filled, some defensive offers are tipped ahead of 114.00 (another barrier) with more stops placed above there, more sell orders are expected at 114.20-25 and 114.50. On the downside, bids are raised to 113.50-60, 113.20-25 and 113.00, more buy orders are expected at 112.85, 112.55-60 and 112.30, fresh demand should emerge around 112.00-10, 111.75-80 and 111.55-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Sell at 1.2565As the single currency has recovered after falling to 1.2440, suggesting minor consolidation abvoe this level would be seen and corrective bounce to the Kijun-Sen (now at 1.2516) and possibly 1.2535-40 (50% Fibonacci retracement of 1.2632-1.2440) is likely, however, reckon 1.2565-70 (38.2% Fibonacci retracement of 1.2771-1.2440) would limit upside and bring another selloff later. A break of said support at 1.2440 would extend recent decline to 1.2400-10 Trade Idea Update: USD/JPY - Buy at 112.50The greenback surged again after opening higher earlier today, adding credence to our view that recent upmove is still in progress and further gain to 113.95-00 (2 times extension of 105.20-108.38 measuring from 107.61) would be seen, however, overbought condition should limit upside to 114.40-50 and price should falter below 114.75-80 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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