USD/JPY Recovers as BOJ and MOF Met to Discuss Yen's Strength

ActionForex.com
Action Insight Market Overview Markets Snapshot

USD/JPY Recovers as BOJ and MOF Met to Discuss Yen's Strength

The greenback was confined in relative narrow range after yesterday's volatile price actions in thin trading conditions in Asia. After falling sharply against European counterparts yesterday, dollar recovered against most major currencies. USD/JPY edged higher on news of a meeting between senior finance ministry and Bank of Japan officials today and they exchanged views on currency rates. Japanese officials also expressed their concerns over the negative impact of yen strength to the country's export sector.

Full Report Here...


jpyvol.png
nzdusdpiv.png

Featured Technical Report

USD/JPY Daily Outlook

Daily Pivots: (S1) 76.37; (P) 76.60; (R1) 76.80; More.

USD/JPY is still staying in tight range for the moment and intraday bias remains neutral. No change in the outlook that further decline is expected with 77.32 minor resistance intact. Break of 76.28 will confirm resumption of the whole decline from 85.51 and should target 100% projection of 81.46 to 76.28 from 80.23 at 75.05 next. On the upside, above 77.32 minor resistance will bring stronger recovery. But we'll stay cautiously bearish as long as 80.23 resistance holds.

Read more...

Special Reports

BOE Voted Unanimously To Keep Rates Unchanged, First Time Since May 2010

The BOE minutes for the August meeting turned out to be more dovish than expected as 2 hawks, Spencer Dale and Martin Weale, stopped pushing for a rate hike, making the decision to hold the Bank Rate unchanged at 0.5% unanimous for the first time since May 2010. Adam Posen continued to favor expanding the asset-buying program by +50B pound to 250B pounds. The pound slid after the minutes as it's increasingly likely that the central bank will adopt further easing.

Read more...

France And Germany Rejected Joint Eurobonds, Focused On Economic Integration

The Franco-German summit failed to deliver any feasible measures to contain the sovereign crisis in the near-term. The 2 nations ruled out joint issuance of Eurobonds for now and rejected expansion of the 440B-euro EFSF. Instead, the leaders pledged to defend the single currency and proposed new tax rules. The plan to tax financial transaction sent the euro and equities lower.

Read more...

Economic Indicators Update

The Futures and Forex Expo Las Vegas, June 15-18, 2011 at Caesars Palace. Register now and prepare for three days that will get you on track for a profitable future! Register FREE today!

Top trading expert speakers, analysts and exhibitors. Discover the Newest Comer to the market, analyze latest market trends explore different trading platforms, and explore a wide opportunity on future investments. The 9th ME Forex & Investment Summit 2011

World MoneyShow Toronto, September 8-10, 2011, at The Metro Toronto Convention Center. Your one-stop resource for the most comprehensive education, efficient research, and valuable advice. Register Free Today!

World MoneyShow Vancouver, September 19-21, 2011, at The Vancouver Convention Center. Be there as recommendations and advice are revealed for how to best position your portfolio for profit - in 2011 and beyond. Register Free Today!

GMT Ccy Events Actual Consensus Previous Revised
23:50 JPY Trade Balance (JPY) Jul -0.13T -0.12T -0.19T -0.20T
8:30 GBP Retail Sales M/M Jul
0.40% 0.80%
8:30 GBP Retail Sales Y/Y Jul
0.10% 0.20%
8:30 GBP Retail Sales w/Auto Fuel M/M Jul
0.30% 0.70%
8:30 GBP Retail Sales w/Auto Fuel Y/Y Jul
0.30% 0.40%
12:30 USD CPI M/M Jul
0.20% -0.20%
12:30 USD CPI Y/Y Jul
3.30% 3.60%
12:30 USD CPI Core M/M Jul
0.20% 0.30%
12:30 USD CPI Core Y/Y Jul
1.70% 1.60%
12:30 USD Initial Jobless Claims
400K 395K
12:30 CAD Leading Indicators M/M Jul
0.20% 0.20%
12:30 CAD Wholesale Sales M/M Jun
0.00% 1.90%
14:00 USD Existing Home Sales Jul
4.90M 4.77M
14:00 USD Leading Indicators Jul
0.20% 0.30%
14:00 USD Philly Fed Survey Aug
3.9 3.2
14:30 USD Natural Gas Storage
49B 25B
Forex Trade Ideas

Trade Idea: GBP/USD – Stand aside

Despite yesterday’s rally to 1.6585, as cable has retreated from there in tandem with euro, suggesting consolidation below this level would take place and retracement to the Kijun-Sen (now at 1.6471) would be seen, however, reckon the Ichimoku cloud top (now at 1.6419) would limit downside and the lower Kumo (now at 1.6366) should hold, bring another rise later.

Read more...

Trade Idea: USD/JPY – Hold long entered at 76.55

Despite yesterday’s fall to 76.41, as the greenback has recovered after holding above last week’s low at 76.30, retaining our view that further consolidation would take place and test of yesterday’s high of 76.84 is likely, however, above resistance at 76.93 is needed to signal another rebound is underway for test of 77.10 and later 77.23.

Read more...

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500

Suggested Readings

Fundamental Highlights

Technical Highlights



No comments:

Post a Comment