Yen Regaining Ground, GBP/AUD Staying Bullish Despite Loss of Momentum
| Action Insight Mid-Day Report 2-12-24 |
Yen Regaining Ground, GBP/AUD Staying Bullish Despite Loss of Momentum |
Japanese Yen stages a broad recovery today, buoyed by notable retreat in European benchmark yields. Meanwhile, Dollar is softening against Yen, yet holding its ground across other major currencies. New Zealand Dollar emerges as the day's underperformer, yet its losses remain contained within Friday's range against all counterparts. Sterling and Euro follow closely as the next underperformers. One currency pair to closely monitor this week is GBP/AUD, as the market braces for significant economic releases from both UK and Australia. UK's GDP and inflation data, coupled with Australian employment figures, are poised to potentially sway the direction of GBP/AUD. Technically, rebound from 1.8584 has been losing momentum since mid January, as seen in D MACD. But near term outlook will stay bullish as long as 1.9181 support holds. Rise from 1.8584 is tentatively seen as resuming the long term up trend through 1.9967 high. However, firm break of 1.9181 will dampen this view and extend the correction from 1.9967 with another falling leg... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 149.01; (P) 149.29; (R1) 149.56; More... Intraday bias in USD/JPY is turned neutral as retreat from 149.57 is extending. Some consolidations could be seen but further rally is expected as long as 147.62 support holds. Above 149.57 will resume the rise from 140.25 to retest 151.89/93 key resistance zone. Decisive break there will confirm resumption of larger up trend. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 10:00 | EUR | EU Economic Forecasts |
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