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Mid-Day Report: USD/JPY Extends Gain on Yield, ahead of More Bond AuctionsDollar continues to strength against the Japanese yen ahead of today's auction of $21b in 10 year notes as well as $13b of 30 year bond tomorrow. Treasury yield jumped on talk that Obama's tax cut extension will help stimulate the economy by 0.5-1.0% growth as well as reduce the need for Fed to go beyond QE2. Yesterday's 3 year note auction was disappointing, generating much higher yield than expected and a lower bid-to-cover ratio. Auctions today and tomorrow will be closely watched by all investors and could trigger some more dollar rebound if the results are disappointing too. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 82.67; (P) 83.16; (R1) 83.99; More. USD/JPY rises further to 84.20 in early US session and remains first. Intraday bias remains on the upside for 84.39 resistance first. Break will confirm that whole rebound from 80.29 has resumed and should target 85.92 cluster resistance (38.2% retracement of 94.97 to 80.29 at 85.89). On the downside, below 83.43 minor support will turn intraday bias neutral again. Also, further break of 82.33 will revive the case that rebound from 80.29 is completed and will bring deeper fall towards 80 psychological level again. |
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Trade Idea Update: EUR/USD – Sell at 1.3280Despite intra-day recovery from 1.3180, outlook remains mildly bearish and renewed selling interest should emerge around intra-day resistance at 1.3280, bring another decline, a break of said support would extend the fall from 1.3452 for at least a strong retracement of last week's rise to 1.3150/54 (61.8% Fibonacci retracement of 1.2969 to 1.3452) Trade Idea: EUR/JPY – Buy at 110.00Yesterday's rebound from 109.58 suggests the minor (c) leg of b has commenced and a break of resistance at 111.20 would add credence to this view and bring further gain towards last week's high of 111.90, however, this b leg of the complex correction B should be limited to 112.40/45 (61.8% Fibonacci retracement of 114.94 to 108.33). Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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