Yen Weakens as Stocks and Oil Rebound
Action Insight Daily Report 12-22-21

Yen Weakens as Stocks and Oil Rebound

Yen dropped broadly overnight as US stocks rebounded and stays soft in Asian session. Canadian Dollar also pare back some losses as WTI crude oil recovered back above 70 handle. But overall markets are generally mixed in holiday mood. Euro is currently the strongest for the week, followed by Kiwi and Sterling. Yen is the weakest followed by Canadian and Dollar.

Technically, we'll keep an eye on the development in WTI crude oil today. It looks like retreat from 73.66 is finished at 66.46 already. Break of 73.66 will resume the rebound from 62.90 to 100% projection of 62.90 to 73.66 from 66.46 at 77.22. Such development, if happens, could help Loonie rebound further.

In Asia, at the time of writing, Nikkei rose is trading up 0.18%. Hong Kong HSI is up 0.33%. China Shanghai SSE is up 0.01%. Singapore Strait Times is up 0.08%. Overnight, DOW rose 1.60%. S&P 500 rose 1.78%. NASDSAQ rose 2.40%. 10-year yield rose 0.068 to 1.487.

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USD/JPY Daily Outlook

Daily Pivots: (S1) 113.69; (P) 113.96; (R1) 114.36; More...

Intraday bias in USD/JPY remains neutral first. On the upside, break of 114.26 resistance will resume the rebound from 112.52, towards 115.51 high. On the downside, break of 113.12 will turn bias to the downside, and resume the correction from 115.51 through 112.52 support.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:30 AUD Westpac Leading Index M/MNov 0.10% 0.20% 0.30%
23:50 JPY BoJ Minutes
7:00 GBP GDP Q/Q Q3 F 1.30% 1.30%
7:00 GBP Current Account (GBP) Q3 -15.6B -8.6B
13:30 USD GDP Annualized Q3 F 2.10% 2.10%
13:30 USD GDP Price Index Q3 F 5.90% 5.90%
14:00 CHF SNB Quarterly Bulletin Q4
15:00 USD Existing Home Sales M/M Nov 6.5M 6.34M
15:00 USD Consumer Confidence Dec 109.5
15:30 USD Crude Oil Inventories -4.6M