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Mid-Day Report: Yen Weakness Persists, Euro Steady against DollarYen's weakness remain the main focus in early US session as EUR/JPY and AUD/JPY continue to lead other yen crosses up. After taking out key near term resistance of 115.96, EUR/JPY soars further through 117 level while AUD/JPY also jumps through 85 level. Other yen crosses are trying to catch up with USD/JPY trading above 83 while GBP/JPY also breaks 133 level. While both USD/JPY and GBP/JPY are still limited below key resistance levels of 84.49 and 135.48 respectively, it's believed that these levels would be violated soon. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 81.84; (P) 82.16; (R1) 82.77; More. USD/JPY rally extends further to as high as 83.18 so far today and intraday bias remains on the upside for 84.49 key resistance. On the downside, below 82.36 minor support will turn bias neutral and bring retreat. But break of 80.50 support is needed to signal short term topping. Otherwise, outlook will remains cautiously bullish. |
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Trade Idea Update: GBP/USD – Sell at 1.6155Despite intra-day rebound to 1.6083, current retreat suggests top has possibly been formed there and consolidation with downside bias is seen for weakness to intra-day support at 1.5978, break there would signal the correction from this week's low at 1.5937 has ended and bring test of yesterday's low at 1.5943 but below there is needed to bring resumption of decline from 1.6403 top for retest of 1.5937 Trade Idea: AUD/USD – Buy at 1.0200As the Australian dollar has risen again after finding renewed buying interest at 1.0205 yesterday, suggesting recent upmove is still in progress in wave v of 5 and may extend further gain to 1.0360 and possibly towards 1.0400/10 (61.8% projection of 0.8770-1.0257 measuring from 0.9536), however, loss of near term upward momentum should limit upside to 1.0450/60, bring correction later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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