Yen Soars With Falling Yields, Sterling Resilient
| Action Insight Mid-Day Report 11-24-22 |
Yen Soars With Falling Yields, Sterling Resilient |
Yen rises broadly in quiet trading today, with help from falling US and European benchmark yields. Sterling is following as next strongest, and then Kiwi. On the other hand, Swiss Franc is the worst performer, followed by Dollar, Canadian. Euro and Aussie are mixed for the moment. As the US markets are on holiday today, trading could turn more subdued. Technically, CAD/JPY takes the lead by breaking through near term support at 104.06 to resume the whole decline form 110.87. It's currently in correction to rise from 84.65 to 110.87. Deeper fall is expected as long as 105.79 resistance holds. Next target is 101.39 cluster support (38.2% retracement of 84.65 to 110.87 at 110.85. In Europe, at the time of writing, FTSE is up 0.01%. DAX is up 0.61%. CAC is 0.22%. Germany 10-year yield is down -0.077 at 1.856. Earlier in Asia, Nikkei rose 0.95%. Hong Kong HSI rose 0.78%. China Shanghai SSE dropped -0.25%. Singapore Strait Times dropped -0.10%. Japan 10-year JGB yield rose 0.0043 to 0.249. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 138.64; (P) 140.12; (R1) 141.08; More... Immediate focus is now on 137.66 support in USD/JPY with today's decline. Firm break there will resume the whole fall from 151.93, as a correction to the larger up trend. Next target is 100% projection of 146.78 to 137.66 from 142.24 at 133.12, which is close to 133.07 medium term fibonacci level. Meanwhile, outlook will stay bearish as long as 142.45 resistance holds, in case of another recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:30 | JPY | Manufacturing PMI Nov P | 49.4 | 50.7 | 50.7 | | 09:00 | EUR | Germany IFO Business Climate Nov | 86.3 | 85 | 84.3 | 84.5 | | 09:00 | EUR | Germany IFO Current Assessment Nov | 93.1 | 93.6 | 94.1 | 84.2 | | 09:00 | EUR | Germany IFO Expectations Nov | 80.0 | 77 | 75.6 | 75.9 | | 12:30 | EUR | ECB Monetary Policy Meeting Accounts |
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