CHINA PBOC CONDUCTS CNY3.5 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1027 MON VS 7.1124

MNI BRIEF: Japan Q2 Capex Up Q/Q; GDP Seen Revised Higher

MNI: PBOC Sets Yuan Parity Lower At 7.1027 Mon; +2.85% Y/Y

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CHINA SETS YUAN CENTRAL PARITY AT 7.1027 MON VS 7.1124

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MNI: AUSTRALIA JUL DWELLING APPROVALS +10.4% M/M

MNI: BAKER HUGHES US RIG COUNT 583; OIL RIGS 483; GAS RIGS 95

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UK: Week Ahead

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Price Signal Summary - USDJPY Bears Remain In The Driver's Seat

OUTLOOK
  • In FX, EURUSD traded sharply higher yesterday. The recovery this week is a bullish development and signals the end of the recent corrective pullback between Nov 29 - Dec 8. Sights are on key short-term resistance at 1.1017, the Nov 29 high and a bull trigger. Moving average studies are in a bull-mode position, highlighting an uptrend. Initial support is at 1.08739, the 20-day EMA.
  • The trend outlook in GBPUSD remains bullish. Wednesday’s rally and Thursday’s extension, reinforces a bullish theme. Note that moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger at 1.2733, the Nov 29 high, has been cleared, confirming the resumption of the uptrend. Sights are on 1.2800. Initial firm support to watch is 1.2568, the 20-day EMA.
  • A sharp sell-off in USDJPY Wednesday and a continuation lower Thursday, reinforces current bearish conditions. The pair has cleared support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend. Sights are on 140.71, 76.4% of the Jul 14 - Nov 13 bull run. Clearance of this level would further reinforce bearish conditions. On the upside, key short-term resistance has been defined at 146.59, the Dec 11 high. Initial resistance is at 143.78, 50.% of the Dec 11 - 14 sell-off.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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