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Daily Report: BoJ Upgraded Economic Assessment, Busy Day AheadYen is mildly lower in an otherwise mixed market today. BoJ left rates unchanged at 0-0.1% as widely expected. The bank also upgraded economic outlook for the first time in nine months. As the bank noted in the statement, "Japan's economy is gradually emerging from the current deceleration phase". This was an improvement from previous references to a "pausing" recovering. Meanwhile, the bank also noted that exports and production showed "signs of resuming an uptrend" as global growth started increasing again. Meanwhile, BoJ also pledged to maintain its loose monetary policy stance for the country to "overcome deflation and return to a sustainable growth path with price stability," |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 133.11; (P) 133.65; (R1) 134.06; More GBP/JPY recovers today but is still limited below mentioned 134.19 cluster resistance (23.6% retracement of 163.05 to 125.48 at 134.34) and intraday bias remains neutral. Note that another rise remains in favor as long as 132.48 support holds. Sustained break of 134.19 cluster resistance will confirm that whole medium term fall from 163.05 has completed. In such case, stronger rise should be seen to 137.75 resistance and then 38.2% retracement at 138.83. However, below 132.48 will flip intraday bias back to the downside and bring deeper pull back towards 129.49 support first. |
| Special Report |
RBA Appears Comfortable With Current StanceRBA's minutes for the February largely echoed what Governor Glenn Stevens said before the parliament last Friday. Policymakers were comfortable to leave the cash rate unchanged at 4.75%. While floods that had occurred in December and January in eastern Australia would have strong impact on the economy in the near-term, it would not affect the central bank's monetary policy which focuses on the medium-term outlook for the economy. Dependent of economic indicators, we currently retain our view that the RBA will resume tightening in the second quarter. |
| Economic Indicators Update |
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Trade Idea: USD/JPY – Buy at 83.00Although the greenback has rebounded again today after holding above yesterday's low at 83.09, a break of indicated resistance area at 83.68-70 is needed to confirm upmove has resumed and extend recent rise to 84.05/10 (50% projection of 81.77 to 83.68 measuring from 83.09), however, near term loss of upward momentum should prevent sharp move beyond 84.25/30 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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