Dollar/yen fell as safe haven flows poured into the
Japanese yen. GDP, Tertiary Industry Activity and Masaaki Shirakawa’s
speech are the main market-movers this week. Here’s an outlook for
the Japanese events and an updated technical analysis for USD/JPY.
The re-election of Obama was eventually greeted with a
drop in stock markets and gains for the US dollar and the Japanese yen,
with the latter winning against the former. Also the drop in US yields pushed
the pair lower. Last week Japan’s core machinery orders deteriorated more than
expected falling 4.3% in September after a 3.3% decline in August, adding
another warning sign that the world’s third-largest economy is slipping into
recession. Global economic slowdown as well as rising tensions with China and
weakening domestic demand reduced the nation’s current account surplus.
Moreover, economists forecast a 0.9% contraction in the third quarter with
continued sluggishness for the rest of this year.
Important Levels to watch out for
79.75 Pivot RR 50%Fib
79.60 Lower RR
79.419 Lower SS
79.06 Low SS
Note: The Hammer followed by the Bullish Engulfing on the 4
hr Time Frame on the 9/11/12 @ 12.00pm
No comments:
Post a Comment