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Daily Report: Yen Broadly Higher on China Rate Hike TalkYen is seen broadly higher in Asia today on talk of more tightening from China. An economist with the Chinese Academy of Social Sciences even suggested in a commentary in China Daily that PBoC will need to hike by another 200bps, or 2% to fight against inflation considering the level of excess liquidity the world is facing. Asian equities are broadly lower which in turn helps lift the Japanese currency mildly. Meanwhile, markets are some what having delayed response to BoJ governor Shirakawa's comment yesterday that a strong yen could have it's benefits. Shirakawa argued that in the short run, "appreciation of the yen depresses the revenue and profits of exporting firms". However, from a longer-term perspective, stronger yen would bring about "improvement of the terms of trade through a decline in import prices." |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 130.86; (P) 131.11; (R1) 131.43; More GBP/JPY's decline from 134.19 resumes by taking out 130.83 support and reaches as low as 130.50 so far. Intraday bias remains on the downside and further decline should be seen to 100% projection of 134.19 to 130.83 from 132.08 at 128.72. On the upside, above 131.36 minor resistance will turn bias neutral. But another fall will remain in favor as long as 132.08 resistance holds. However, break of 132.08 will indicate that fall from 134.19 is finished and flip bias back to the upside for retesting this high. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Hold long entered at 0.9965Despite intra-day retreat to 0.9961, as the greenback has rebounded after finding renewed buying interest there, retaining our bullishness and consolidation with upside bias remains, above 1.0040/45 would signal upmove has resumed and extend upmove to 1.0085/90 (61.8% projection of 0.9849 to 1.0055 measuring from 0.9961) Trade Idea: GBP/USD – Sell at 1.5650Despite intra-day marginal fall to 1.5524, lack of follow through selling suggests consolidation would take place and above the Kijun-Sen (now at 1.5586) would bring retracement to the Ichimoku cloud bottom (now at 1.5624) and price should falter well below resistance at 1.5677, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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