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Mid-Day Report: Markets Crash as Japan Nuclear Crisis Deepens, Risk Aversion DominatesRisk aversion dominates the markets today as nuclear crisis in Japan deepens. News of another explosion at Fukushima Dai-Ichi nuclear power plant sent Nikkei down as much as -14% before closing -11%. European major index are all in red at the time of writing while US stocks are set to gap open lower. Japan Prime Minister Kan warned of further radiation leaks and urged people within 30 kilometers of the plant to stay indoors. It's reported that radiation level in Tokyo surged to 23 times normal. Markets are deeply worried that situation in Japan would turn into a Chernobyl-like disaster. Right before US open, there are news that at a nuclear plant is restored to safe level, which drives down radiation. But sentiments remain generally weak among investors. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 80.65; (P) 81.56; (R1) 82.52; More. USD/JPY's strong break of 81.20 support indicates that whole fall from 83.28 has resumed. Also, the break of 80.93 support serves as the first alert that sideway consolidation pattern from 80.29 has completed. Intraday bias is back on the downside and deeper fall should be seen through 80.29 to key long term low at 79.75 next. On the upside, above 81.20 will turn bias neutral but we'd stay bearish as long as 83.28 resistance holds. |
| pecial Reports |
Fed to Hold, and Follow by More Hawkish StatementThe Fed will very likely stay on the sideline at the March meeting although the US economy has shown improvements since the last meeting and inflationary pressures have heightened due to the rally in oil prices. The Fed funds rate will stay at 0-0.25% while the asset-buying program will remain to be 600B with expiry in June. Policymakers will, however, deliver a more upbeat meeting statement acknowledging recent developments. There will be discussions on the MENA tensions as well as Japan's earthquake. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Sell at 1.6105Although intra-day cross-inspired selloff signals the rebound from 1.5977 has ended at 1.6200, as cable has recovered after holding above said support, suggesting minor consolidation would be seen and retracement to the Tenkan-Sen (now at 1.6058) is likely, however, renewed selling interest should emerge around 1.6100, bring another decline. A break of said support at 1.5977 would confirm the decline from 1.6344 top has resumed Trade Idea: EUR/JPY – Sell at 114.50Although the single currency has retreated after yesterday's sharp rebound from 112.51 to 114.83, a break of said support is needed to signal decline from 116.00 top has resumed for a stronger retracement of recent upmove to previous support at 111.95/00, otherwise, further consolidation would take place and recovery back to 114.50/60 cannot be ruled out before prospect of another decline. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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