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Daily Report: USD/JPY Recovers as BOJ and MOF Met to Discuss Yen's StrengthThe greenback was confined in relative narrow range after yesterday's volatile price actions in thin trading conditions in Asia. After falling sharply against European counterparts yesterday, dollar recovered against most major currencies. USD/JPY edged higher on news of a meeting between senior finance ministry and Bank of Japan officials today and they exchanged views on currency rates. Japanese officials also expressed their concerns over the negative impact of yen strength to the country's export sector. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 76.37; (P) 76.60; (R1) 76.80; More. USD/JPY is still staying in tight range for the moment and intraday bias remains neutral. No change in the outlook that further decline is expected with 77.32 minor resistance intact. Break of 76.28 will confirm resumption of the whole decline from 85.51 and should target 100% projection of 81.46 to 76.28 from 80.23 at 75.05 next. On the upside, above 77.32 minor resistance will bring stronger recovery. But we'll stay cautiously bearish as long as 80.23 resistance holds. |
| Special Reports |
BOE Voted Unanimously To Keep Rates Unchanged, First Time Since May 2010The BOE minutes for the August meeting turned out to be more dovish than expected as 2 hawks, Spencer Dale and Martin Weale, stopped pushing for a rate hike, making the decision to hold the Bank Rate unchanged at 0.5% unanimous for the first time since May 2010. Adam Posen continued to favor expanding the asset-buying program by +50B pound to 250B pounds. The pound slid after the minutes as it's increasingly likely that the central bank will adopt further easing. France And Germany Rejected Joint Eurobonds, Focused On Economic IntegrationThe Franco-German summit failed to deliver any feasible measures to contain the sovereign crisis in the near-term. The 2 nations ruled out joint issuance of Eurobonds for now and rejected expansion of the 440B-euro EFSF. Instead, the leaders pledged to defend the single currency and proposed new tax rules. The plan to tax financial transaction sent the euro and equities lower. |
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Trade Idea: GBP/USD – Stand asideDespite yesterday’s rally to 1.6585, as cable has retreated from there in tandem with euro, suggesting consolidation below this level would take place and retracement to the Kijun-Sen (now at 1.6471) would be seen, however, reckon the Ichimoku cloud top (now at 1.6419) would limit downside and the lower Kumo (now at 1.6366) should hold, bring another rise later. Trade Idea: USD/JPY – Hold long entered at 76.55Despite yesterday’s fall to 76.41, as the greenback has recovered after holding above last week’s low at 76.30, retaining our view that further consolidation would take place and test of yesterday’s high of 76.84 is likely, however, above resistance at 76.93 is needed to signal another rebound is underway for test of 77.10 and later 77.23. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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