Yen Softening, Dollar Recovering With Weak Momentum
| Action Insight Mid-Day Report 11-14-22 |
Yen Softening, Dollar Recovering With Weak Momentum |
Dollar continues to trade mildly higher into US session as consolidations extend. Upside momentum in the greenback is very weak so far. But such consolidations could now extend for a further while. Aussie and Loonie are the next firmest. Yen is currently the worst performer, followed by Kiwi and Euro, and Sterling is mixed. Still, most major pairs and crosses are bounded inside Friday's range. With an empty economic calendar in the US and Canada, traders might need to wait until the coming Asian session before seeing any meaningful moves. Technically, CHF/JPY's strong rebound today suggests that 143.73 resistance turned support is safe for now. The development keeps near term outlook bullish for up trend resumption at later stage. Break of 150.54 resistance will suggest that upside momentum is building up through 151.43 high. If that happens, EUR/JPY and GBP/JPY would likely approach 148.38 and 172.11 highs respectively. In Europe, at the time of writing, DAX is up 0.40%. CAC is up 0.34%. CAC is up 0.35%. Germany 10-year yield is down -0.036 at 2.122. Earlier in Asia, Nikkei dropped -1.06%. Hong Kong HSI rose 1.70%. China Shanghai SSE dropped -0.13%. Singapore Strait Times rose 1.01%. Japan 10-year JGB yield rose 0.0114 to 0.243. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 137.34; (P) 139.91; (R1) 141.35; More... Intraday bias in USD/JPY Is turned neutral with current recovery, and some consolidations could be seen. But upside should be limited below 145.54 support turned resistance and bring another fall. Break of 138.45 will resume the decline from 151.93, as a correction to the larger up trend, towards 133.07 fibonacci level. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 07:30 | CHF | Producer and Import Prices M/M Oct | 0.00% | 0.20% | 0.20% | | 07:30 | CHF | Producer and Import Prices Y/Y Oct | 4.90% | 5.40% | | 10:00 | EUR | Eurozone Industrial Production M/M Sep | 0.90% | 0.10% | 1.50% | 2.00% |
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