Yen Decline Exhausted, Euro and Sterling Recover
Action Insight Mid-Day Report 3-15-22

Yen Decline Exhausted, Euro and Sterling Recover

Euro and Sterling are the relatively stronger ones today, but gains are so far limited. The rallies are still capped by the war uncertainties. Economic data is not really playing a role here, considering the UK job data was solid while German economic sentiment plunged. Meanwhile, Canadian Dollar and Swiss Franc are the softest ones, followed by Dollar. Yen's selling looks exhausted ahead of a key resistance level against the greenback.

Technically, a focus will be on whether Euro and Sterling could real stage a sustainable rebound. EUR/CHF and EUR/JPY are performing well. But EUR/USD is still limited below 1.1120 resistance. For Sterling, GBP/USD is held below 1.3193 resistance, GBP/JPY below 155.20 resistance. These levels need to be broken to confirm a short term turnaround in both currencies.

In Europe, at the time of writing, FTSE is down -0.62%. DAX is down -0.62%. CAC is down -0.64%. Germany 10-year yield is down -0.035 at 0.333. Earlier in Asia, Nikkei rose 0.15%. Hong Kong HSI dropped -5.72%. China Shanghai SSE dropped -4.95%. Singapore Strait Times rose 0.12%. Japan 10-year JGB yield rose 0.0154 at 0.211.

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

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 117.60; (P) 117.91; (R1) 118.52; More...

A temporary top is formed at 118.44, ahead of 118.65 long term resistance. Intraday bias is turned neutral for some consolidations first. Downside of retreat should be contained above 116.34 resistance turned support to bring another rally. On the upside, firm break of 118.65 will target 100% projection of 109.11 to 116.34 from 114.40 at 121.63.

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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
00:30 AUD RBA Meeting Minutes
00:30 AUD House Price Index Q/Q Q4 4.70% 3.90% 5.00%
02:00 CNY Retail Sales Y/Y Feb 6.70% 3.00% 1.70%
02:00 CNY Fixed Asset Investment (YTD) Y/Y Feb 12.20% 5.00% 4.90%
02:00 CNY Industrial Production Y/Y Feb 7.50% 3.90% 4.30%
07:00 GBP Claimant Count Change Feb -48.1K 20.3K -31.9K
07:00 GBP ILO Unemployment Rate (3M) Jan 3.90% 4.00% 4.10%
07:00 GBP Average Earnings Including Bonus 3M/Y Jan 4.80% 4.60% 4.30%
07:00 GBP Average Earnings Excluding Bonus 3M/Y Jan 3.80% 3.70% 3.70%
07:30 CHF Producer and Import Prices M/M Feb 0.40% 0.40% 0.60%
07:30 CHF Producer and Import Prices Y/Y Feb 5.80% 5.10% 5.40%
10:00 EUR Eurozone Industrial Production M/M Jan 0.00% 0.40% 1.20% 1.30%
10:00 EUR Germany ZEW Economic Sentiment Mar -39.3 10.3 54.3
10:00 EUR Germany ZEW Current Situation Mar -21.4 -22.5 -8.1
10:00 EUR Eurozone ZEW Economic Sentiment Mar -38.7 49.3 48.6
12:15 CAD Housing Starts Y/Y Feb 247K 235K 231K 230K
12:30 CAD Manufacturing Sales M/M Jan 0.60% 1.30% 0.70%
12:30 USD Empire State Manufacturing Index Mar -11.8 7.3 3.1
12:30 USD PPI M/M Feb 0.80% 1.00% 1.00%
12:30 USD PPI Y/Y Feb 10.00% 10.00% 9.70%
12:30 USD PPI Core M/M Feb 0.20% 0.60% 0.80%
12:30 USD PPI Core Y/Y Feb 8.40% 8.10% 8.30%