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Mid-Day Report: Yen Jumps Broadly after Noda's Comments, Euro Falls after ECBThe Japanese yen steals the spotlight from ECB and BoE rate decision today and breaks through 80 level against dollar for the first time since G7 coordinated intervention in mid-march. Selloff in the commodity market is being one of the major factors in yen's strength. In additional, more fuel is added to yen buying as Japanese Finance Minister Noda said that today's jump in yen is different from the move that triggered intervention on March 18. Noda, also refused to comment on the possibility of intervention should yen continue rise. Besides, markets are also in risk averse mode after US initial jobless claims jumped sharply to 474k in the week ended April 30. Continuing claims also jumped by 74k in the week ended April 23 to 3.73m. Today's acceleration in decline in yen crosses as well as the break of 80 psychological support now opens up the case for further yen strength to retest post natural disaster high made in March. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 80.23; (P) 80.71; (R1) 80.99; More. USD/JPY's decline is still in progress and extends further to as low as 79.58 so far today. Intraday bias remains on the downside and the break of 61.8% retracement of 76.40 to 85.51 at 79.88 now sets the stage for deeper fall to retest 76.40 spike low. On the upside, above 80.43 minor resistance will turn bias neutral and bring consolidations. But break of 82.76 is needed to signal short term bottoming. Otherwise, outlook will remain cautiously bearish. |
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Trade Idea Update: GBP/USD –Sell at 1.6550Euro's intra-day selloff is expected to put pressure on cable too and a break of yesterday's low at 1.6453 would confirm the decline from 1.6747 top has resumed and bring a stronger retracement of early upmove to previous support at 1.6432, then towards 1.6393 (61.8% projection of 1.6747 to 1.6453 measuring from 1.6575), however, reckon 1.6350/60 would hold from here. Trade Idea Update: EUR/USD – Sell at 1.4800Current breach of previous support at 1.4755 (this week's low) confirms a top has been formed at 1.4940 yesterday and consolidation with downside bias remains for retracement of recent upmove to 1.4664 (61.8% Fibonacci retracement of 1.4494 to 1.4940), then 1.4641-49 (38.2% Fibonacci retracement of 1.4156-1.4940 and previous resistance), however, reckon 1.4600 would hold from here due to near term oversold condition. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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