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Daily Report: Yen Jumps on Risk Aversion, GDP MissThe Japanese yen surges in Asian session as market turned into risk-off mode on terror attacks in Paris . Meanwhile, Euro is also trading broadly lower. In particular, EUR/JPY dipped to as low as 130.64 and resumed recent decline from 141.04. In latest developments, French air force dropped 20 bombs to Islamic State's Raqqa stronghold in Syria as retaliation. Islamic State already claimed responsibility for the shooting and suicide bombings in attack on Friday that killed more than 130 people. G20 leaders are convening a summit on Sunday and Monday in Turkey and are expected to issue a common response. In the near term, the financial markets would likely stay in risk averse mode. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 131.47; (P) 132.03; (R1) 132.52; More... EUR/JPY drops sharply to as low as 130.64 today and the fall from 141.04 has resumed. Intraday bias is back on the downside. Current fall would target lower channel support (now at 129.75) Sustained break there will pave the way to test 126.09 low. On the upside, above 133.18 is needed to indicate short term bottoming. Otherwise, near term outlook will stay cautiously bearish. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped again after brief bounce to 1.0808, bids at 1.0750 and 1.0735 were filled but buy orders are reported at 1.0720, 1.0700, 1.0685 and 1.0665, buying interest is tipped at 1.0650, 1.0630 and 1.0600. On the upside, offers are lowered to 1.0770-75 and 1.0810-20, sell orders are expected at 1.0845-50 and 1.0885, selling interest should emerge around 1.0900, 1.0930 and 1.0950. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Hold long entered at 1.3285The greenback has remained under pressure and near term downside risk remains for the erratic fall from 123.61 (this week's high) to bring retracement of recent upmove and marginal weakness cannot be ruled out, however, reckon 122.30-35 (50% Fibonacci retracement of 121.00-123.61) would limit downside, bring another upmove later, above the upper Kumo (now at 123.09) would bring test of resistance at 123.21 Trade Idea: AUD/USD - Hold short entered at 0.7110Aussie staged a strong rebound after finding support at 0.7016 and consolidation above this level would be seen and 0.7150-55 needs to hold to retain bearishness for another decline, below 0.7075-85 would suggest the rebound from 0.7016 has ended, bring retest of this level, break there would extend the decline from 0.7382 to 0.7000, break there would encourage for further fall to 0.6980-85 and possibly 0.6950 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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