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Mid-Day Report: Yen Retreats as Stock Markets StabilizedRisk sentiments improved mildly as European indices recovered after initial loss. US futures also point to higher open. Nonetheless, stocks are still vulnerable to deeper selloff. Yen follows and pare back gains while dollar retreats against commodity currencies. Released in early US session, S&P Case Shiller 20 cities house price rose 5.0% yoy in July versus expectation of 5.1% yoy. Canada IPPI dropped -0.3% mom in August versus expectation of -0.8% mom. RMPI dropped -6.6% mom versus expectation of -7.3% mom. | |
Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 119.55; (P) 120.06; (R1) 120.44; More... Range trading continues in USD/JPY between 118.58/121.62. Intraday bias 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 met resistance at 1.1282 and has retreated, offers are still noted at 1.1280, 1.1300 and 1.1325-30, selling interest is tipped at 1.1350, 1.1380-85 and 1.1400, sellers are awaiting at 1.1420 and 1.1450. On the downside, bids are seen at 1.1195 and 1.1180, buy orders are expected at 1.1150, 1.1125-35 and 1.1100, buying interest should emerge around 1.1085, 1.1065 and 1.1050, fresh demand is located at 1.1030 and 1.1000. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD - Sell at 1.1250Although the single currency rose briefly to 1.1282 earlier today, as euro has retreated after faltering below indicated previous resistance at 1.1296, suggesting further consolidation within recent established range of 1.1105-1.1296 would be seen with mild downside bias for test of the lower Kumo (now at 1.1177), then towards yesterday's low at 1.1147 but price should stay well above 1.1116 Trade Idea Update: USD/JPY - Stand asideAlthough the greenback extended the fall from 121.24 to as low as 119.25, as dollar has rebounded after holding above indicated previous support at 119.22, retaining our view that further consolidation would be seen and recovery to 120.05-10 cannot be ruled out, however, reckon upside would be limited to the lower Kumo (now at 120.23) and only break of the upper Kumo (now at 120.55) would signal the fall from 121.24 has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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