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Mid-Day Report: Yen Consolidates ahead of Support after Intervention Triggered SelloffJapanese yen experienced the sharpest decline in two years today after G7 announced coordinated intervention but the fall loses some momentum ahead of key near term support level. It's estimated that BoJ bought as much as $25 billion of yen today. The ECB, BOE, German Bundesbank, Bank of France, Bank of Italy confirmed their participation in the intervention. In joint statement after a 90 minutes teleconference, G7 leaders pledged to "provide any needed cooperation" with Japan. Japan Finance Minister Noda said it's " extremely significant that G7 authorities agreed to act in concert and co-operate for the stability of the markets." The ministry sold yen through BoJ for the first time since September and pushed USD/JPY through 81 level. BoJ Governor Shirakawa said that the bank "strongly expects that Japan's concerted action with G-7 member countries in the foreign-exchange market will contribute to the stable formation of foreign-exchange rates". In addition, BoJ injected another JPY 3T into the short-term money markets, totaling JPY 37T this week. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 76.92; (P) 78.33; (R1) 80.29; More. USD/JPY's rebound from 76.40 could extend further higher and focus will remain on 84.49 resistance. As long as 84.49 holds, there is no confirmation of reversal and USD/JPY is viewed as in consolidation pattern between 78.25 minor support and 84.49. That is, another decline would remain in favor. Below 79.74 minor support will flip bias to the downside for 76.40 support. |
| pecial Reports |
G-7 Engages in Joint Intervention, Short-term Positive for USDJPY and JPY-CrossesJapanese yen fell from a post-war high against the US dollar after G-7 countries pledged to have joint intervention on the currency market. This is the first joint intervention since September 2000 when the Group bought the euro as it slumped in the second year of existence. The collaboration would be helpful if the Group manages to weaken the yen. |
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Trade Idea Update: EUR/USD – Buy at 1.4040As the single currency has risen again after finding renewed buying interest just above the Tenkan-Sen, suggesting recent upmove remains in progress and further gain to 1.4150/60 would be seen, however, near term overbought condition would limit upside to 1.4190/00 and risk from there has increased for a retreat later. Trade Idea Update: USD/JPY – Buy at 80.50As the greenback has retreated after intra-day marginal rise to 82.00, suggesting consolidation with mild downside bias remains for retracement to 80.75/80, however, reckon renewed buying interest would emerge around 80.50 and bring another upmove later. Above said resistance would extend gain towards resistance area at 82.31-47 but break there is needed to add credence to our view that major low has been formed at 76.25 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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