Mutiara kata minggu ini: Teman manusia yang sebenar ialah akal dan musuhnya yang celaka ialah kejahilan..

Oct 4, 2012

The euro zone is considering aiding Spain by providing insurance for investors who buy government bonds in a move designed to maintain Spanish access to capital markets and minimize the cost to European taxpayers, European sources said.


One senior European source said the plan could cost about 50 billion euros ($64.5 billion) for a year. It would enable Spain to cover its full funding needs and trigger European Central bank buying of Spanish bonds in the secondary market.

If the gamble succeeds, it would achieve two important aims. Spain would be rescued without draining Europe's entire bailout fund and there would be no contagion to Italy.

Under the scheme, which officials say is under consideration in Madrid, Paris, Berlin and Rome, the euro zone's new permanent rescue fund (ESM) would guarantee the first 20 to 30 percent of each new bond issued by Spain.

The sources spoke on condition of anonymity because they were not authorized to talk about the discussions.

Finnish Prime Minister Jyrki Katainen aired the idea after meeting French President Francois Hollande on Tuesday: "To safeguard our public money, we could study the possibility of the ESM intervening on the primary market with a leverage effect which guarantees just a part of the debt issued by Spain."

It would be the first time the euro zone had used this first loss insurance scheme, created last year to support vulnerable countries before they lose market access, unlike the full bailouts granted to Greece, Ireland and Portugal.

Another option would be for the ESM to buy Spanish bonds outright at auction, but that might be more expensive and not achieve the same degree of leverage. The rescue fund's rules allow it to buy up to half of any bond emission as part of an assistance program.

In either case, Spain would have to sign a memorandum of understanding with its euro zone partners, committing itself to a timetable for implementing austerity measures and economic reforms, and accept international monitoring of its compliance.

In EU jargon, the bailout would take the form of an Enhanced Conditions Credit Line with investor protection (ECCL+).

Sep 7, 2012

The European currency saw the tendency to move towards the downside hitting the key support at 1.4100, then it managed an upside move until the levels of 1.4130s. Nevertheless, the upside potential is still possible and the Euro just consolidated at the top to gather some strength to move in a bullish trend again.

The European currency saw the tendency to move towards the downside hitting the key support at 1.4100, then it managed an upside move until the levels of 1.4130s. Nevertheless, the upside potential is still possible and the Euro just consolidated at the top to gather some strength to move in a bullish trend again.

The European currency saw the tendency to move towards the downside hitting the key support at 1.4100, then it managed an upside move until the levels of 1.4130s. Nevertheless, the upside potential is still possible and the Euro just consolidated at the top to gather some strength to move in a bullish trend again.

Sep 27, 2007

EURO

The European currency saw the tendency to move towards the downside hitting the key support at 1.4100, then it managed an upside move until the levels of 1.4130s. Nevertheless, the upside potential is still possible and the Euro just consolidated at the top to gather some strength to move in a bullish trend again.

The trading range for today might be between the key resistance level at 1.4220 and the key support level at 1.4060.

The general trend is up as far as 1. 3270 remains intact targets now at 1.4050 and 1.4220.

Support: 1.4100, 1.4078, 1.4044, 1.4000, 1.3985
Resistance: 1.4140, 1.4162, 1.4187, 1.4200, 1.4217

Recommendation: We expect buying Euro above 1.4110 with a target at 1.4180 stop loss below 1.4075.


GBP


The British pound consolidated at the critical level of 2.0150s. Meanwhile, the pound is still has the upside potential as long as it stays above the major level at 2.0070s.

The trading range for today might be between the key resistance level at 2.0260 and the key support level at 2.0040.

The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740.

Support: 2.0100, 2.0080, 2.0048, 2.0025, 2.0000
Resistance: 2.0125, 2.0155, 2.0180, 2.0200, 2.0230

Recommendation: We expect buying sterling above 2.0120 with a target at 2.0220 stop loss below 2.0070


JPY


The dollar against the Japanese yen yesterday moved in a bullish pattern ignoring the strength of the major resistance level at 115.15, so it managed to drive through the upside channel to hit the upper resistance level at 115.70s. The pair today is expected to progress towards the upside as long as it has high levels of volume.

The trading range for today will be between the key resistance at 116.70 and the key support at 114.00.

The general trend is down as far as 124.60 remains intact, targets at 112.40 and 111.20.

Support: 115.05, 114.87, 114.67, 114.48, 114.26
Resistance: 115.25, 115.55, 115.78, 116.00, 116.20

Recommendation: We expect selling USD/JPY below 116.20 with a target at 115.50, stop loss above 116.65


CHF


The dollar against the SWISS Frank yesterday fluctuated in a bullish pattern showing the tendency towards the upside since it couldn't progress towards the downside due to the strong support level at 1.1650s creating a bullish wave until the levels of 1.1790s. Hence, we expect the pair to progress towards the upside today.

The trading range for today will be between the key resistances at 1.1800 the key support at 1.1600.

The general trend is down as far as 1.2540 remains intact, targets at 1.1665and 1.1445.

Support: 1.1677, 1.1650, 1.1626, 1.1605, 1.1580
Resistance: 1.1709, 1.1720, 1.1738, 1.1756, 1.1780


CAD


The dollar against the Canadian Dollar remained so quiet as it traded in very narrow ranges. Thereby, it formed a rounding bottom since it couldn't pass the major support level at 0.9930s.

The trading range for today will be between the key resistance at 1.0150 and the key support at 1.0000.

The general trend is down as far as 1.0850 remains intact, targets will be at 1.0000 and 0.9700.

Support: 1.0045, 1.0025, 0.9985, 0.9950, 0.9930
Resistance: 1.0065, 1.0080, 1.0100, 1.0123, 1.0150




Yen Lower on Increasing Risk Appetite, Sterling Boosted by House Prices

Markets' renewed risk appetite continues to increase as global stock markets surge. Yen is sent lower across the board which also pushed most currencies higher against dollar. Germany unemployment and Eurozone M3 money supply will be the main focus in the European session today. Unemployment rate is expected to drop further to 8.9% in Sep while money supply growth is expected to remain extremely strong at 11.7% yoy. Such data will reinforce the tightening bias of ECB and provide the fuel for further rally in EUR/USD and EUR/JPY.

On the other hand, Sterling is boosted across the board by higher than expected reading in Nationwide house prices index which should 0.7% mom, 9.0% yoy growth comparing to consensus of 0.3% mom, 8.7% yoy. This suggest that housing demand remains strong and is reducing odds for a near term rate cut from BoE even though the bank should remain on hold for a while.

In the US session, main focus will likely be on new home sales data which is expected to drop further by -4.6% in Aug to 0.83m annualized rate. Jobless claims and final print of Q2 GDP data will be featured too. Bernanke and Mishkin are both scheduled to speak in the late US session.

EUR/USD


Daily Pivots: (S1) 1.4105; (P) 1.4133; (R1) 1.4155; More

EUR/USD edges higher to new record high of 1.4165. At this point, outlook remains unchanged. Upside momentum continues to diminish as seen in mild bearish divergence condition in 4 hours MACD and RSI. A short term top could be around the corner. But nonetheless, further rally is still mildly in favor as long as 1.4058 support holds. Sustained trading above 61.8% projection of 1.3360 to 1.3719 from 1.3550 at 1.4131 will encourage further rise towards 200% projection at 1.4268 first.

However, below 1.4058 will indicate that a short term top is formed and bring pull back to inner channel support (now at 1.4022). But downside should be contained by support zone of 1.3828 and 1.3926 and bring another rise.

In the bigger picture, medium term trend line resistance that limited EUR/USD's rally at 1.3364, 1.3681 and 1.3851 before was taken out. Also, daily MACD has broken its own trend line resistance too. Such development confirmed medium term bullishness is still in play. The up trend from 1.1639 is still in progress for 1.4523 (95 high). However, break of 1.3282 cluster support will suggest that rise from 1.3360 has completed and another deep correction should be seen before resuming the rally.




GBP/USD

Daily Pivots: (S1) 2.0102; (P) 2.0159; (R1) 2.0214; More

Cable strengthens sharply to 2.0245 into European session today. But after all, short term outlook remains unchanged. Rebound from 1.9879 was limited by falling trend line resistance (now at 2.0279). With 2.0365 high remains intact, the rise from 1.9652 is still treated as a correction to fall from 2.0652 only and is regarded as completed at 2.0365. Further downside should be seen towards 1.9951 support and break will confirm that short term bias is turned back to the downside for 1.9879 low and then 1.9652.

However, above 2.0365 high will revive the case that price actions from 2.0652 is probably developing into sideway consolidation only. In such case, further rally should be seen to retest of 2.0652 high. But still, 61.8% projection of 1.3680 (01 low) to 1.9554 (05 high) from 1.7047 (05 low) at 2.0677 remains a key resistance. Decisive break of this resistance is needed to confirm rally from 1.7047 has resumed for 100% projection of 1.3680 to 1.9554 from 1.7047 at 2.2901. Otherwise, another fall could still be seen before completing the consolidation.

In the bigger picture, with cable staying above 1.9621 support as well as 55 weeks EMA (now at 1.9624), there is no confirmation of long term reversal yet. But still, a medium term top is in place at 2.0652 with bearish divergence condition and daily and weekly MACD. Break of 1.9652 low will confirm that correction from 2.0652 has resumed for 1.9365/71 cluster support (100% projection of 2.0652 to 1.9652 from 2.0365 at 1.9365, 50% retracement of 1.8090 to 2.0652 at 1.9371). Also, sustained trading below 1.9621 support will add more weight to the case that whole rally from 1.7047 has indeed completed after failing 61.8% projection of 1.3680 (01 low) to 1.9554 (05 high) from 1.7047 (05 low) at 2.0677 and bring deeper decline to next support zone of 1.9183 and 38.2% retracement of 1.7047 to 2.0652 at 1.9275 first.




USD/CHF

Daily Pivots: (S1) 1.1659; (P) 1.1689; (R1) 1.1734; More.

USD/CHF continues to consolidate above 1.1638 today. As discussed before, downside momentum is seen diminishing as indicated by mild bullish convergence conditions in 4 hours MACD and RSI. A short term bottom could be around the corner if not already in place at 1.1638. But nonetheless, further downside is still mildly in favor as long as 1.1745 resistance holds. Next downside target will be 100% projection of 1.2467 to 1.1816 from 1.2214 at 1.1590.

However, above 1.1745 will indicate that a short term bottom is formed and bring stronger recovery towards 1.1800 support turned resistance or above. But upside should be limited below 1.1922 resistance and bring another fall.

In the bigger picture, sustained trading below the lower trend line support (1.1919, 1.1878, 1.1816) confirm medium term bearishness. Current fall from 1.2214 is treated as resumption of decline from 1.2467 and is expected to head towards mentioned 1.1590 projection target first. Also, this will be tentatively treated as resumption of medium term down trend that started at 1.3283 which could extend further to retest 1.1288 (04 low).

On the upside, even though stronger rebound could be seen in case of a break of 1.1922 resistance, break of 1.2214 resistance is still needed to confirm a medium term bottom is formed. Otherwise, further decline is still in favor, just after lengthier consolidation.




USD/JPY

Daily Pivots: (S1) 114.80; (P) 115.26; (R1) 116.00; More.

USD/JPY remains firm today but after all, it's still bounded inside established range of 111.59 and 117.11 as consolidation continues. Short term outlook remains neutral and price actions inside such consolidation will continue to be choppy. Though, on the upside, above 116.36 will suggest rebound from 111.59 has resumed for 100% projection of 111.59 to 117.11 from 112.58 at 118.10 before completing such corrective rise. On the downside, break of 112.58 support will be the first alert that consolidation has possibly completed and encourage a retest of 111.59 low.

In the bigger picture, as discussed before, daily MACD's stay above signal line suggests that the whole decline from 124.12 could have already completed at 111.59. Hence, further break of this low is needed to confirm that sharp fall from 124.13 has resumed. Otherwise, USD/JPY could still develop into lengthier consolidation.

Prior break of long term rising trend line (101.65, 108.99) indicates the the whole up trend from 101.65 could also have completed at 124.13 already, with bearish divergence condition in weekly MACD and RSI.. Break of 111.59 will indicate fall from 124.13 has resumed for support zone between 108.99 and 61.8% retracement of 101.65 to 124.13 at 110.23.




EUR/JPY

Daily Pivots: (S1) 162.41; (P) 162.91; (R1) 163.74; More

EUR/JPY's rally extends further to as high as 163.71 today. At this point, further rally is still expected as long as 160.94 support holds. Next upside target will be165.39 cluster resistance (100% projection of 149.27 to 159.67 from 155.15 at 165.55). On the downside, however, below 160.94 will indicate that rise from 155.15 has possibly completed and turn focus to 158.76 support first. But still, below 155.15 support is needed to confirm rebound from 149.27 has completed. Otherwise, another rise is still expected after pull back.

In the bigger picture, firstly the break of trend line support (137.16, 150.75) confirmed that rally from 130.60 has already completed at 168.93, with bearish divergence condition in weekly RSI. Hence, an important medium term top is in place at 168.93 already. However, secondly, since EUR/JPY is still supported within the rising channel shown in the monthly chart. the whole up trend from 88.9 could still be in force and price actions from 168.93 is probably just developing into consolidation to this long term up trend. Also, the three wave structure of the fall from 168.93 to 149.27 suggests that it's probably developing into sideway consolidation instead of deeper correction.

So, further rise to retest 168.93 high cannot be ruled out. But firm break of 168.93 is needed to confirm long term up trend has resumed, otherwise, another fall could still be seen before completing the consolidation that started from 168.93. On the downside, a firm break of 149.27 low will have the long term channel support taken out too. This will add much favor to the case that up trend from 88.9 has indeed completed and bring much deeper decline.







News and Events:

US Durable Goods Orders for August fell by 4.9% versus an expected drop of 3.5% and a 5.9% increase in July. Durables excluding transportation fell by 1.8% versus an expected drop of 0.8% and an increase of 3.7% in July. The US equity market however opened strong following news of General Motors and the United Auto Workers union reaching an agreement to end the worker strike. The US dollar resisted the weaker news, finishing unchanged against the Euro and slightly stronger against the Pound. On the flip side, investors remain tentative as worries persist of a recession in the US and higher probabilities of further rate cuts from the FOMC.

The British Pound has been under pressure as the Bank of England released its credit conditions survey yesterday which pointed towards tightening in the corporate sector credit markets in the near term.

Swedish manufacturing numbers and consumer confidence came out weaker than expected, which mirrors sentiment during the market's turmoil in recent weeks. Investors have lowered their GDP estimates in line with slower economic growth to come.




Today's Key Issues (time in GMT):

07:55 GE Unemployment Change (000's) SEP -20K vs -15K
07:55 GE Unemployment Rate (s.a) SEP 8.90% vs 9.00%

08:00 EC Euro-Zone M3 s.a. (YoY) AUG 11.70% vs 11.70%
08:00 EC Bloomberg Eurozone Retail PMI SEP
08:00 GE Bloomberg Germany Retail PMI SEP
08:00 IT Trade Balance Non-Eu (Euros) AUG
08:00 IT Bloomberg Italy Retail PMI SEP
08:00 FR Bloomberg France Retail PMI SEP
08:00 EC Euro-Zone M3 s.a. 3 mth ave. AUG 11.50% vs 11.10%
08:30 UK Index of Services (3mth/3mth) JUL 0.80% vs 0.80%
08:30 UK BBA Loans for House Purchase AUG

10:00 UK U.K. CBI September Distributive Trades Report

12:30 US GDP Annualized 2Q F 3.90% vs 4.00%
12:30 US Personal Consumption 2Q F 1.40% vs 1.40%
12:30 US GDP Price Index 2Q F 2.70% vs 2.70%
12:30 US Core PCE QoQ 2Q F 1.30% vs 1.30%
12:30 US Initial Jobless Claims Sep-22 317K vs 311K
12:30 US Continuing Claims Sep-15 2555K vs 2544K

14:00 US New Home Sales AUG 828K vs 870K
14:00 US New Home Sales MoM AUG -4.90% vs 2.80%
14:00 US Help Wanted Index AUG 24 vs 25

17:00 FR Unemployment Rate AUG 8.00% vs 8.00%
17:00 FR Unemployment Change (000s) AUG -10K vs 0K


The Risk Today:

EurUsd up trend holding strong after hitting 1.4163 earlier today. The trend remains intact above 1.4043, which holds as the first (minor) support down to 1.4000.

GbpUsd still in a short term range between 1.9873 and 2.0373. First support holds at 2.0081, while a break out of 2.0321 up to 2.0373 will open the door back to 2.0654.

UsdJpy key levels to focus on are support at 113.99 and resistance at 116.38. Follow the breakout.

UsdChf downtrend still intact as ADX(14) continues to rise on a daily look. Initial resistance holding at 1.1772 and support at 1.1638.


Resistance and Support:







Spotlight: EURUSD & GBPUSD

EURUSD


The momentum on EurUsd has clearly slowed down, the pair is trading around the same levels for two days now, although it moved a couple of points above the 1.4160 high and now we have the 1.4163 level as the highest point on our charts. There is still time for the pair to reach the 1.4200 level this week, a level which at the moment is both a significant bullish target and the closest resistance we can spot on the charts. As far as possible support level are concerned, closest one is yesterday's low at 1.4060, if the pair enters into a consolidation period that is the level to watch, if we stay above it the bullish trend is still safe; the next support level is the 1.3930 followed by the 1.3850 area, both of them are viable targets for a bigger retracement or even a trend reversal at this point.

Resistance Levels

* 1.4200- round number

Support Levels

* 1.3930- September 13th high
* 1.3850- July 24th High
* 1.3680- April 27th High
* 1.3550- June 5th High
* 1.3365- December 3rd High
* 1.3260- June 13th Low

EURUSD Daily Chart




GBPUSD

After amove down in yesterday's early trading hours the pair has started to move up in the second part of the day and has continued to do so today, it moved above the 2.0200 level and we just have to see if it has enough strength to stay above that or perhaps move even further north. In order for us to reconsider our position and start talking about a trend forming cable needs to push higher and aim at first at the 2.0365 resistance level, once there if there is enough momentum to break above the next bullish target is the 2.0460 double top from early August. Conversely a failure to maintain above 2.0200 will shift focus towards the 2.0100 mid range level and if it manages to break even lower one could expect the move to continue at least to the 2.0000 round number if not lower towards the 1.9900 area which is last weeks low and also a strong support zone.

Resistance Levels

* 2.0650- July 24th High
* 2.0460- August 3rd High
* 2.0365- September 12th High
* 2.0200- Round number

Support Levels

* 2.0000- Round number
* 1.9670- May 21st low
* 1.9550- previously tested support

GBPUSD Daily Chart







Sep 26, 2007

News and Events:

The Dollar hit a new record low against the euro on Tuesday as a surprise plunge in US consumer confidence to nearly two-year lows raised expectations of another Federal Reserve interest rate cut next month. This was the fourth straight session that the Dollar tested all-time lows against the Euro, which has gained on signs of weaker US growth and the view that lower US rates will continue to erode the Dollar's yield advantage. That view gained more traction on another report on Tuesday showing sales of existing US homes slipped by 4.3% in August, a sign of yet more weakness in the housing market.

The Fed's half point cut in its benchmark overnight lending rate last week left the Dollar on the defensive, and interest rate futures are pricing in a 95% chance of a quarter point cut in October, up from 72% on Monday. The fed funds rate is at 4.75%, while the euro-zone refinancing rate stands at 4%.

The EurUsd last traded at 1.4147 up 0.52% and just below an all-time high of $1.4162 hit earlier. The Dollar also fell against the Yen, trading at 114.62, down 0.19% after having hit 114.02 low on the day. The Dollar rose against Sterling, however, after a report in a British newspaper sparked worries over troubles in the UK financial sector arising from the credit crisis. GbpUsd traded at 2.0182, down 0.1%, after touching 2.0085 low on the day.

The US Conference Board's index of consumer sentiment fell to 99.8 in September, the lowest since November 2005 and down from 105.6 in August. Economists expected a more modest slip to 104.0. Earlier, the Euro was unfazed by a report showing German Ifo business confidence survey surprised on the weaker side. Analysts said the Ifo survey was yet another sign of a softening in the euro zone economy, a situation that hinted at steady interest rates there for the rest of 2007 and possible monetary easing early next year. Some analysts say the prospect of a future euro-zone rate cut or a nearer-term technical rebound mean the Euro's rally against the Dollar may be close to an end. On Monday, the government of French President Nicolas Sarkozy repeated its complaints that the Euro's strength was eroding the competitiveness and productivity of firms.

Also on Tuesday, the Bank of International Settlements released a report showing daily Global Forex turnover rose to $3.2 trillion per day in 2007 from $1.9 trillion in 2004. The report also showed that the number of transactions involving the US dollar fell to 86% this year from 89% three years ago.




Today's Key Issues (time in GMT):

08.30 UK 2Q Growth Domestic Product final 0.8% vs 0.8% (QoQ)
08.30 UK 2Q Growth Domestic Product final 3% vs 3% (YoY)
08.30 UK 2Q Current Account -£11.3B vs -£12.2B

09.30 CHF September KOF indicator 2.01 vs 2.06

11.00 US Sept 21st MBA Mortgage market change

12.30 US Aug Durable Goods Orders -3.1% vs 6%
12.30 US Aug Durable Goods Orders ex-trans -1% vs 3.8%

Full Moon holiday in Hong Kong today.


The Risk Today:

EurUsd trend remains positive. Yesterday 1.4162 marks initial resistance before a new extension to 1.4291. Initial support holds 1.4000 former resistance. Nearby support cuts at 1.3927 where a lower development would threaten the up-trend, but it would need a return below 1.3719 to confirm trend change.

GbpUsd conditions remain neutral in Monday/Tuesday 2.0319 / 2.0085 range. Sterling hit yesterday 2.0085 low before recovering up to 2.0182 at close. Resistance holds 2.0366 high from September 12. A move further this would open the way to 2.0398 early August high. Former 2.0200 support failed and let the way open toward 2.0000 psychological level. Beyond that point, 1.9821 marks strong support (76.4% retracement of 1.9652 to 2.0366 advance).

UsdJpy The downtrend remains intact below 117.13 major resistance. Confirmation over this level is needed to relieve the negative tone and open the way for an extend toward 119.36 (61.8% retracement of 124.15 to 111.60 decline). On the downside, a return below 113.39 (Sept. 11 low) would open the way toward 112.61 and a possible retest of 111.60 (August 17 low).

UsdChf remains negative in recent downtrend after having broken 1.1816 former key support and moreover yesterday break of 1.1741 support. Further weakness will open the way down to 1.1500 psychological support and possibly 1.1484 (2005 March 14 low). However, on the uptrend, a recovery beyond 1.1923 and 1.1962 is needed to relieve the actual bear threat.





EUR/USD

EUR -exactly opposite as CHF- continues moving above the beautiful outer support uptrend line, completing ABCD Upswings shown in the smaller timeframe, lately inside A = 1.3933 B = 1.4129, where the bull team found a retrace resistance at 1.4055/.382 and up move signals have been created in order to imply that the market has a good probability of moving north and keep on going with the overall move and scoring new historic higher highs. Once again traders that have been able to get into short positions can consider to place their targets at the B low support area located at 1.14130 and eventually at 1.18 and 1.27 D extensions at lower levels by using our cancel and replace rules. As the saying goes: "Trade with the trend, the trend is your friend until it bends".




GBP/USD

GBP has had what may be one of the most interesting sessions through the day, when it all began last night as the pound held off the C = 2.0279/.86 retrace resistance of the latest AB Downswing A = 2.0345 B = 1.9871 level with the bear team building a nice mid term timeframe pattern that currently tries to make the market dip and eventually create an even stronger formation in the Daily chart. The fun continued when the GBP found support at the counter retrace support trend line, where bulls are waking up and telling traders that they have not given up their control yet. This is why the mixed up environment cannot be taken for granted by traders, as their limits must be placed at conservative levels, meaning that short traders must lock in around the 2.0080 support and long traders should do the same at the 2.0225 high. Having that said, our focus will give preference to take profits from positions opened and will now stand aside.




USD/CHF

CHF continues moving below the beautiful outer resistance downtrend line, completing ABCD Downswings shown in the smaller timeframe, lately inside A = 1.1860 B = 1.1690, where the bear team found a retrace resistance at 1.1763/.382 and down move signals have been created in order to imply that the market has a good probability of moving south and keep on going with the overall move. Traders that have been able to get into short positions can consider to place their targets at the B low support area located at 1.1690 and eventually at 1.18 and 1.27 D extensions at lower levels by using our cancel and replace rules. As the saying goes: "Trade with the trend, the trend is your friend until it bends".




USD/JPY

JPY concludes the week creating a retrace move after the dip seen in yesterday's session where the bear team scored two points in the mid term timeframe, to break the support counter trend level. Bears have now decided to take a rest and the bull team takes control of the smaller timeframe, driving the yen above a new and recently developed support level as it probably aims for a test of either the backside of the broken countertrend or the outer resistance downtrend line level once again. Traders can now stand aside from the JPY waiting to for the result of the upcoming battle that may take place in the market early, not today, but on Sunday's opening and Monday's session: the main subject will be, if we will see a new bounce at the resistance or if bulls will charge and create a new up move. A great way to begin next week! But for now, it is time to enjoy the profits obtained during the week as we wish you all a great weekend!