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Daily Report: Sentiments Stabilized as Japan Nuclear Crisis EasedSentiments stabilized further as fear on Japan nuclear crisis eased and on new cease-fire agreement in Libya. Asian equities are broadly higher with Japanese Nikkei rebounding another 2.72% to close above 9200 level. Crude oil breaches 103 today while gold is pressing 1430. Dollar remains soft in general and edges lower against Aussie and Loonie. The greenback is expected to extend recent decline against Euro on April hike expectations. Meanwhile, yen consolidates in tight range with yen crosses still limited below key near term resistance. Outlook of the yen will continue to depend on whether these resistance levels would be taken out firmly. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 78.93; (P) 80.45; (R1) 82.09; More. Another rise remains mildly in favor in USD/JPY to extend the rebound from 76.40 but focus remains on 84.49 key resistance. As long as this resistance holds, there is no indication of reversal yet. Hence, while some consolidations would be seen above 76.40 first, we'd continue to favor a downside breakout eventually to extend the long term down trend. Below 79.74 minor support will turn bias back to the downside for 76.40 first. |
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Trade Idea: GBP/USD – Buy at 1.6160Despite intra-day brief rise above Friday's high at 1.6258, as the British pound has retreated from 1.6261, suggesting minor consolidation would take place and retracement to the Kijun-Sen (now at 1.6158) cannot be ruled out, however, reckon renewed buying interest would emerge there and bring another rise later. Above said resistance would extend the rise from 1.5977 to 1.6280 and then 1.6300 Trade Idea: USD/JPY – Buy at 80.20Although the greenback has recovered after falling to 80.63 this morning, as the Tenkan-Sen has crossed below the Kijun-Sen, suggesting upside would be limited to the Kijun-Sen (now at 81.25) and further consolidation would take place, however, renewed buying interest should emerge around the Ichimoku cloud top (now at 80.20) and bring another upmove later. Above Friday's high at 80.20 would confirm the upmove from record low at 76.25 has resumed and extend gain towards resistance area at 82.31-47 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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