Yen Rises, Commodity Currencies Soften after China Data Miss

Action Insight Daily Report 8-15-22

Yen Rises, Commodity Currencies Soften after China Data Miss

Commodity currencies soften mildly in Asian session today, following weaker than expected economic data from China. On the other hand, Yen is leading Dollar and Swiss Franc higher. Euro and Sterling are mixed for now. Overall sentiment is mixed, with notable gains in Nikkei but other Asian indexes are sluggish. Gold is still struggling to break away from 1800 handle. WTI crude oil is dipping below 92 handle.

Technically, one focus today is one whether buying in Yen would pick up momentum again. One level to watch is AUD/JPY's reaction to 93.46 minor support in case of deeper retreat. More too look at include 135.63 minor support in EUR/JPY and 161.08 minor support in GBP/JPY. Break of these levels would argue that Yen bulls are back on board.

In Asia, at the time of writing, Nikkei is up 1.14%. Hong Kong HSI is down -0.08%. China Shanghai SSE is up 0.15%. Singapore Strait Times is down -0.22%. Japan 10-year JGB yield is down -0.0021 at 0.187.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

EUR/JPY Daily Outlook

Daily Pivots: (S1) 136.60; (P) 137.00; (R1) 137.70; More....

Intraday bias in EUR/JPY remains neutral for the moment. On the upside, break of 138.38, and sustained trading above 55 day EMA (now at 138.29) will suggest that whole correction from 144.26 has completed. Further rally would then be seen back to retest 144.26 high. However, break of 135.63 will turn bias back to the downside for 133.38 low instead.

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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
23:01 GBP Rightmove House Price Index M/M Aug -1.30% 0.40%
23:50 JPY GDP Q/Q Q2 P 0.50% 0.60% -0.10%
23:50 JPY GDP Deflator Y/Y Q2 P -0.40% -0.80% -0.50%
02:00 CNY Retail Sales Y/Y Jul 2.70% 5.00% 3.10%
02:00 CNY Fixed Asset Investment YTD Y/Y Jul 5.70% 6.20% 6.10%
02:00 CNY Industrial Production Y/Y Jul 3.80% 4.60% 3.90%
04:30 JPY Industrial Production M/M Jun F 9.20% -7.50% -7.50%
06:30 CHF Producer and Import Prices M/M Jul 0.40% 0.30%
06:30 CHF Producer and Import Prices Y/Y Jul 6.70% 6.90%
12:30 CAD Manufacturing Sales M/M Jun -2.00%
12:30 CAD Wholesale Sales M/M Jun 1.60%
12:30 USD Empire State Manufacturing Index Aug 5.1 11.1
14:00 USD NAHB Housing Market Index Aug 55 55