 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightDaily Report: Trump Said He Won't Back Down on Tariffs, But Markets Bet He Will Market sentiments improved as some considered US President Donald Trump's threat of trade war is merely a "political show". And pressures from the Republicans and business executives will eventually force him to back down. DOW closed up 336.7 pts or 1.37% at 24874.76. S&P 500 also rebounded 29.69 pts or 1.10% to close at 2720.94. Mild strength was seen in treasury yield with 10 year yield at 2.881, up 0.024. In Asia, Nikkei is trading up 2.1% at the time of writing. In the currency markets, Yen trades broadly lower today but Canadian Dollar remains the weakest one for the week. Aussie trades higher today after RBA stands pat and sounds less concerned with wage growth. Technical OutlookUSD/JPY Daily Outlook Daily Pivots: (S1) 105.61; (P) 105.92; (R1) 106.50; More... Breaching of 106.37 minor resistance suggest temporary bottoming at 105.24. Intraday bias in USD/JPY is turned neutral again for consolidation. But after all, near term outlook will remain bearish as long as 107.67 resistance holds. Larger decline from 118.65 is expected to continue. Below 105.24 will target 100% projection of 118.65 to 108.12 from 114.73 at 104.20 next. Firm break there will pave the way to 98.97 key support level and below. However, break of 107.67 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. In such case, stronger rebound would be seen back to 55 day EMA (now at 109.05) first. Suggested ReadingsEUR/JPY About To Break Downtrend At 131.50 AUD/USD At A Critical Juncture Ahead Of Key Australian And US Releases AUD/CAD In Focus Ahead Of RBA And BOC Pound Continues To Gains Ground Bank of Canada to Stand Pat, May Appear Cautious Amid Trade Risks Economic Data
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