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| Action Insight Weekly Report | Markets Snapshot |
Yen Selloff Resumed as Carry Trade ReturnedThe Japanese yen was broadly sold off last week as it's back becoming the favored carry trade funding currency in the current risk seeking environment. Stocks was back above pre-Japan disaster higher with DOW breaking 12931 resistance on solid economic data. Canadian dollar was the strongest gainer last week as crude oil jumped through recent resistance of 106.95. Australian dollar was also strong and made new record high against US dollar. Among European majors, Euro remained the strongest one as supported by rate expectations. Swiss Franc was weak as it's seen as another candidate for funding carry trades. Meanwhile, Sterling was mixed on relatively uncertain rate outlook. |    |
| Featured Technical Report | |
EUR/JPY Weekly OutlookEUR/JPY rose sharply to as high as 119.78 last week and the strong break of 115.96 resistance indicate that the medium term trend has revised. Initial bias will remain on the upside this week for 100% projection of 106.57 to 115.53 from 113.54 at 122.50 next. On the downside, below 118.21 minor support suggest that a temporary top is formed and turn bias neutral to bring consolidations. But downside should be contained above 115.53 resistance turned support and bring another rise. |
| Suggested Readings | |
The Week in Review and Preview |
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