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Daily Report: Yen Steady as BoJ Stands PatYen stays in tight range in Asian session after BoJ stood pat on monetary policies. Interest rate was kept near zero. The central bank also maintained the annual target of monetary pace expansion at JPY 80T. BoJ noted in the statement that "Japan's economy continues to recover moderately, although exports and output are being affected by the slowdown in emerging economies." It's expected that BoJ would ease monetary policy again due to weakness in the economy. Some economists predicted that based on current policy, BoJ could undershoot the inflation target by a lot as the developments unfold. Nonetheless, it's believed that BoJ might want to wait for Fed to act first before taking actions of its own. | |
Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 119.76; (P) 120.30; (R1) 120.75; More... Intraday bias in USD/JPY remains neutral for the moment. On the upside, break of 121.62 will extend the rebound from 116.13 and target 125.27/85 resistance zone. We'd cautious on strong resistance from there to bring reversal. On the downside, break of 118.58 will turn focus back to 116.13 support instead. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated after rising to 1.1373 earlier today, bids at 1.1320 and 1.1300 were filled but buy orders are still noted at 1.1285 and 1.1265-70, buying interest is tipped at 1.1250, 1.1225 and 1.1200. On the upside, offers are now seen at 1.1325-30, 1.1355-60 and 1.1375, sell orders are expected at 1.1390-00 and 1.1420, mixture of offers and stops is located at 1.1450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Hold long entered at 1.3210Although near term choppy trading is expected to continue, still reckon downside would be limited to 1.3200 and bring another rebound, above resistance at 1.3325-27 would signal the correction from 1.3354 has ended, bring retest of this recent high. Once this level is penetrated, this would extend recent upmove to 1.3390-00, however, this minor wave v of iii should be limited to 1.3440-50, risk from from there is seen for a correction to take place later. Trade Idea : EUR/GBP - Stand asideEuro's rebound after holding above support at 0.7240 (last week's low) suggests consolidation would be seen with upside bias for gain to resistance at 0.7376, however, break of resistance at 0.7395 is needed to signal the correction from 0.7423 (last month's high) has ended, bring further gain to this level. Having said that, only break there would confirm upmove has resumed for headway to 0.7450, then towards 0.7475-80. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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