Saturday, November 1, 2014

Action Insight Weekly Report 11-1-14

ActionForex.com
Action Insight Weekly Report Markets Snapshot

BoJ Shocked Markets, Stocks Soared and Yen Dived

BoJ shocked the financial markets by announcing additional easing last week and overwhelmed all other major events. Yen tumbled sharply against all major currencies and reached a s seven year low against dollar. That also pushed Nikkei soared to close at 16413.76, at a seven year high. Risk appetite was also give a strong boost globally as DJIA closed at record high of 17390.52. S&P 500 also had a record close of 2018.05. In the currency markets, Aussie was marginally stronger than dollar as the strongest currency. Dollar followed as was boosted by more hawkish than expected FOMC statement. In particular, EUR/USD dropped through 1.2500 level to resume recent down trend.

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Featured Technical Report

USD/JPY Weekly Outlook

USD/JPY surged to as high as 112.47 last week and the strong break of 110.08 resistance confirmed up trend resumption. Initial bias remains on the upside this week for 100% projection of 101.08 to 110.08 from 105.19 at 114.19. Break will target 161.8% projection at 119.75 next. On the downside, below 111.45 minor support will bring brief consolidations before staging another rise.

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Suggested Readings

 

The Week in Review and Outlook

 

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