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Daily Report: BoJ On Hold, Canada Data NextBoJ left rates unchanged at between 0% and 0.1% on unanimous vote today. The bank noted in the statement that the economy is facing "strong downward pressure, mainly on the production side, due to the effects of the earthquake disaster." However, the banks still expect the economy to "return to a moderate recovery path from the second half of fiscal 2011 as supply-side constraints ease and production regains traction." Hence, the bank decided to refrain from adding additional stimulus. The JPY 30T credit program and the JPY 10T asset purchase program was maintained unchanged. Note that Deputy Governor Nishimura dropped the call for expand the asset purchases too. Yen remains slightly soft against most major currencies as recovery in yen crosses continue on mild recovery in stocks and commodities overnight. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 81.31; (P) 81.77; (R1) 82.07; More. At this point, USD/JPY's recovery from 79.58 might still extend further higher. But upside is still expected to be limited below 82.76 resistance and bring resumption of the whole decline from 85.51. Below 80.93 minor support will flip bias back to the downside. Further break of 79.58 will target a retest on 76.40 spike low. Nevertheless, break of 82.76 resistance will turn focus back to 85.51 resistance instead. |
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Trade Idea: USD/CHF – Sell at 0.8855Despite yesterday's rebound from 0.8765 to 0.8880, as the greenback has retreated after faltering below previous resistance at 0 8882, suggesting further consolidation below recent high of 0.8947 and mild downside bias is seen for another test of 0.8765, break there would add credence to our bearish view and bring a stronger retracement of recent upmove to 0.8751 (50% Fibonacci retracement of 0.8554 to 0.8947) and then 0.8730/35 Trade Idea: EUR/USD – Buy at 1.4225As the single currency has risen again after yesterday's retreat to 1.4207, suggesting near term rise from this week's low of 1.4049 is still in progress and may bring retracement of recent decline to previous resistance at 1.4340, above there would extend gain towards 1.4385/90 (38.2% Fibonacci retracement of 1.4940 to 1.4049) but overbought condition should cap price well below resistance at 1.4423, bring retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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