Action Insight Daily Report 9-17-24

Investor Sentiment Wavers Despite DOW's Highs, Loonie Pressured Ahead of CPI

Investor sentiment is currently mixed, reflecting the heightened uncertainty surrounding this week's crucial Fed meeting. While DOW surged to a fresh record high overnight, and S&P 500 edged closer to its historical peak too, the tech-heavy NASDAQ struggled, ending the session in negative territory. The mixed performance extended to Asia, where Nikkei fell sharply in its first session after a long weekend, contrasting with the rally in Hong Kong's stock market.

In currency markets, Yen's strength faded quickly after a brief rally on Monday. The steep appreciation since July has raised concerns within Japan, with Finance Minister Shunichi Suzuki stating today that "rapid fluctuations in exchange rates are not desirable." He also pledged to monitor the rising Yen's impact on the economy closely and to take appropriate action if necessary.

Canadian Dollar, meanwhile, is underperforming, lagging behind its peers in the face of Dollar's broad-based weakness. It is currently the weakest performer in the currency market this week. Traders are eyeing today's Canadian inflation report, which could provide direction for the Loonie. The data will be critical for assessing the Bank of Canada's next move, especially after dovish comments from BoC Governor Tiff Macklem, who recently hinted that the central bank might be open to a more aggressive policy easing if economic conditions warrant it....

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USD/JPY Daily Outlook

Daily Pivots: (S1) 139.82; (P) 140.37; (R1) 141.17; More...

Intraday bias in USD/JPY is turned neutral first as it recovered just ahead of key 139.26 fibonacci level. Considering bullish convergence condition in 4H MACD, break of 143.03 resistance will indicate short term bottoming and turn bias back to the upside for rebound towards 147.20. However, decisive break of 139.26 would carry larger bearish implications, and target 61.8% projection of 161.94 to 141.67 from 149.35 at 136.82.

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