FROM: PETER CRUZ DATE: 14th Oct., 2014 – Tues. Market Brief The USD/JPY may find downside support around 106.10, even with an increase in risk aversion on a global basis, says Osamu Takashima, chief FX strategist at Citigroup Global Markets Japan, in a morning note. “The JPY rebound that followed growing risk aversion is in line with our expectations,” says Takashima. The pair (now at 107.11) was pushed back to the 106-level, as non-Japanese short-term speculative players locked in profits. Buy USD buying appetite by Japanese investors such as importers and pension funds remains strong. JPY selling by Japanese retail investors, who already completed position adjustments, will also likely emerge. On the data slate there’s UK CPI; UK PPI; German ZEW Survey; Euro-Zone ZEW Survey; Euro-Zone Industrial Production and US Small Business Optimism. BUY EUR @ 1.2710 OR BETTER - STOP @ 1.2660 – TARGET @ 1.2810 BUY GBP @ 1.6060 OR BETTER – STOP @1.6000 - TARGET @ 1.6135 SELL USD/JPY @ 107.10 OR BETTER – STOP @ 107.70 – TARGET @ 106.00 BUY CL1114 @ 84.90 OR BETTER – STOP @ 84.00 - TARGET @ 86.50 BUY XAU @ 1232 OR BETTER – STOP @ 1228 - TARGET @ 1248 BUY XAG @ 17.40 OR BETTER – STOP @16.90 – TARGET @ 18.20 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: Tue, 14 Oct 2014 03:57:05 +0000
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