FROM: PETER CRUZ DATE: 29th Jan., 2014 – Wed. Market Brief The USD/JPY will likely try to rise above 104.00 on Thursday if the FOMC later in the day meets market expectations by further shrinking its bond-buying program, says a senior dealer at a major bank in Tokyo. “For equity players, such a decision would be no surprise so the market won’t react to it too much”, he says, adding “but some bond players had expected that the Fed may not taper this time due to confusion in emerging markets,” which could mean higher rates on US Treasuries if the Fed does indeed taper, which in turn should benefit the USD/JPY. On the data slate there’s German GfK Consumer Confidence; US MBA Mortgage Applications; US Crude Oil Inventories; US Fed QE3 Pace and US FOMC. SELL EUR @ 1.3650 OR BETTER – STOP @ 1.3720 – TARGET @ 1.3550 SELL GBP @ 1.6675 OR BETTER – STOP @1.6720 - TARGET @ 1.6510 BUY USD/JPY @ 103.00 OR BETTER – STOP @ 102.30 – TARGET @ 103.80 SELL CL0314 @ 97.30 OR BETTER – STOP @ 96.90 - TARET @ 95.75 SELL XAU @ 1255 OR BETTER – STOP @ 1262 - TARGET @ 1235 – no change SELL XAG @ 19.60 OR BETTER – STOP @ 20.10 – TARGET @ 19.10 – no change GOOD LUCK AND HAPPY TRADING PLS. NOTE: 1. ALWAYS REMEMBER TO PUT STOPS WHENEVER YOU TRADE, MARKETS ARE VERY VOLATILE. 2. THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS AND IT IS NOT FOR EVERYONE.
Posted on: Wed, 29 Jan 2014 05:25:38 +0000