Saturday, November 15, 2014

Action Insight Weekly Report 11-16-14

ActionForex.com
Action Insight Weekly Report Markets Snapshot

Yen Stayed as the Weakest on Tax Talk, PM Abe Watched

The Japanese yen was once again the weakest currency last week as talk of delay in the next sales tax hike sparked another round of selloff. Sterling closely followed and was the second weakest one as dovish BoE Inflation Report drove out rates bets. Dollar was indeed the third weakest currency as recent up trend continued to lose momentum. Meanwhile, Kiwi, Aussie Loonie were the strongest ones. In other markets, DJIA and S&P 500 reached new record highs before retreating mildly but momentum started to weaken. 10 year yield and 30 year yield struggled in tight range and face some strong technical resistance. In commodities, while gold and crude oil extended recent down trend, they, in particular gold, might be gathering some support for a rebound.

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Featured Technical Report

USD/JPY Weekly Outlook

USD/JPY's up trend continued last week and reached as high as 116.82. Further rally is expected this week 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 is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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Suggested Readings

 

The Week in Review and Outlook

 

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