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Mid-Day Report: Dollar Trying for Recovery after Job and Inflation DataDollar is trying to recover some ground in early US session after job and inflation data. But the greenback stays weak in general against commodity currencies and yen. In particular, USD/JPY took out recent support at 118.58 which suggests further weakness ahead. Initial jobless claims dropped 7k to 255k in the week ended October 10. That's the lowest figure since 1973. The four week moving average also dropped from 267.25k to 265.00k. Continuing claims dropped 50k to 2.16m in the week ended October 3, the lowest since November 2000. Headline CPI dropped to 0.0% yoy in September but was better than expectation of -0.2% yoy. Core CPI rose to 1.9% yoy. Empire state manufacturing index rose to -11.4 in October. |
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USD/JPY Mid-Day OutlookDaily Pivots: (S1) 119.48; (P) 119.78; (R1) 120.00; More... USD/JPY dips to as low as 118.05 so far today. Break of 118.58 support turns bias to the downside for 116.13 support. We might see strong support between 115.55/116.13 to contain downside and bring rebound. On the upside, above 120.34 resistance, however, will extend the rebound from 116.13 towards 125.27/85 resistance zone. |
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Remark: Due to holidays, update will resume on Monday 19 Oct 2015. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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