Intraday Market Thoughts

EURJPY, Japan & Premium Insights

by Ashraf Laidi
Nov 12, 2012 19:25

Another yen rally emerging despite fresh bad news from Japan. Q3 GDP shrank 3.5% y/y -- the sharpest since the earthquake-ravage of Q1 2011. More negative data in Q4 could sink the country into its 5th recession in 15 years especially as the dispute with China has hit exports badly. EURJPY breaks below its 55 & 100-DMAs, showing vulnerability to testing the next support at 100-DMA ==>> 99.65. Upside move seen facing barrier at 101.80. 1 of With USDJPY deteriorating anew, the yen part of EURJPY continues to dominate for now. 2 EURUSD Dual trades hit all targets, the 2nd in progress. USDJPY stopped out. 1 of 2 CADJPY stopped out, the other in progress. AUDUSD remains in progress. EURJPY stopped out. GBPUSD hit all targets. EURGBP stopped out. (stopped out by 20 pips). 1 gold short stopped out after missing final limit by $3 and the other short remains in progress. 1 silver in progress. 1 oil long stopped out. DIRECT ACCCESS Nonsubscribers can click here to join


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