Risk-On Rally Continues, Yen Remains Soft Following BoJ Hold

Action Insight Daily Report 9-20-24

Risk-On Rally Continues, Yen Remains Soft Following BoJ Hold

Global markets continues to a wave of risk-on sentiment today, with Japan's Nikkei leading the charge in Asia. The index maintained its gains after BoJ decided to keep interest rates unchanged, a move that was widely anticipated.

This positive momentum stems from the strong performance of US equities overnight, as DOW and S&P 500 closed at record highs, in somewhat delayed reaction to Fed's jumbo 50bps rate cut earlier in the week.

Meanwhile, China's decision to hold its benchmark lending rates steady—though a disappointment for some expecting a cut—has had little effect on the overall bullish sentiment....

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

GBP/JPY Daily Outlook

Daily Pivots: (S1) 187.82; (P) 189.11; (R1) 190.77; More...

Intraday bias in GBP/JPY remains on the upside for the moment. Rise from 183.70 is seen as the third leg of the corrective pattern from 180.00. Further rally would be seen to 193.45 and possibly further to 61.8% retracement of 208.09 to 180.00 at 197.35. Nevertheless, break of 186.68 minor support will turn bias back to the downside for 183.70 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 GfK Consumer Confidence Sep -20 -13 -13
23:30 JPY CPI Y/Y Aug 3.00% 2.80%
23:30 JPY CPI Core Y/Y Aug 2.80% 2.80% 2.70%
23:30 JPY CPI Core-Core Y/Y Aug 2.00% 1.90%
01:00 CNY 1-Y Loan Prime Rate 3.35% 3.35% 3.35%
01:00 CNY 5-Y Loan Prime Rate 3.85% 3.85% 3.85%
02:52 JPY BoJ Interest Rate Decision 0.25% 0.25% 0.25%
06:00 EUR GermanyPPI M/M Aug 0.00% 0.20%
06:00 EUR GermanyPPI Y/Y Aug -1.00% -0.80%
06:00 GBP Retail Sales M/M Aug 0.30% 0.50%
06:00 GBP Public Sector Net Borrowing (GBP) Aug 12.3B 2.2B
12:30 CAD Retail Sales M/M Jul 0.50% -0.30%
12:30 CAD Retail Sales ex Autos M/M Jul 0.20% 0.30%
12:30 CAD Industrial Product Price M/M Aug -0.30% 0.00%
12:30 CAD Raw Material Price Index Aug -2.00% 0.70%
14:00 EUR Eurozone Consumer Confidence Sep P -13 -13