Count slightly adjusted but format still the same
comments from action forex
Intraday bias in GBP/JPY remains on the upside for 125.82 resistance. Break will confirm resumption of whole rebound from 118.82 and should target 100% projection of 118.82 to 125.82 from 120.82 at 127.82. On the downside, below 124.58 minor support will turn bias neutral and bring consolidations first.
In the bigger picture, at this point, we'd like to maintain that price actions from 116.83 are corrective in nature so far. Rise from 118.82 could be the third leg of the pattern from 116.83 and might target 113.48 and above. But this is far from being certain. After all, the likely scenario is that we'll see more range trading between 116.83 and 140.02 (50% retracement of 163.05 to 116.83 at 139.94) ahead, before an eventual downside breakout. We'll favor this view as long as 140.02 resistance holds.
- CSPI : Thursday, 23:50 Corporate service price Index dropped 0.3% in June from a year ago worse than the flat reading predicted by analysts and following 0.1% increase in May. On a monthly basis, prices shrank 0.1% after a 0.4% decline in the previous month continuing the deflation trend. A smaller decline of 0.2% is anticipated.
- Masaaki Shirakawa speaks: Friday, 7:45. The Governor of the Bank of Japan is scheduled to speak at a meeting with business leaders in Osaka, where he might reveal clues concerning the possibility of adding further monetary stimulus to the Japanese market, as the pace of recovery slow.
fundys
By Clare Jim and Poornima Gupta
TAIPEI/SAN FRANCISCO, Aug 22 (Reuters) - Apple Inc and Foxconn have improved working conditions at Chinese factories that make most of the world's iPads and iPhones, according to auditors the firms enlisted to monitor the process, but tough tasks lie ahead. The Fair Labor Association said on Tuesday local laws require the companies -- which came under fire over conditions at the plants blamed for a series of suicides in 2010 -- to reduce hours by almost a third by 2013 for the hundreds of thousands working in Foxconn plants across southern China.
Foxconn said on Wednesday it would continue to cut overtime to less than nine hours a week from the current 20, even though that could raise labor costs while also making it difficult to attract workers.
'It is a challenge. When we reduce overtime it means we need to hire more people and implement more automation, more investment on robotic engineering. More workers also mean more dormitories and recreational facilities; it takes time,' said Louis Woo, special assistant to the CEO of Foxconn.
'But I expect more loyalty from workers as a result, and then we can save more costs on recruitment and retainment,' he told Reuters in an interview on Wednesday.
'Yield rates will also improve. Efficiency in terms of productivity, yield gain, retention and lower turnover rates should be able to improve next year.'
also see fxtimes
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