 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightMid-Day Report: Dollar Attempting to Rebound on as ADP Job Beat Expectation, But Momentum Weak Dollar is trying to regain some ground in early US session after better than expected job data. But momentum of the greenback is so far very week. Dollar suffered some selling on news of White House top economic advisor Gary Cohn's resignation, due to his opposition to President Donald Trump's steel and aluminum tariff initiative. Global stocks are mixed today, with FTSE trading up 0.2% and DAX up 0.6%, following -0.77% decline in Nikkei. But DOW futures point to sharply lower open. Canadian Dollar continues to trade as the weakest one as markets await BoC rate decision. Technical OutlookUSD/JPY Mid-Day Outlook Daily Pivots: (S1) 105.82; (P) 106.14; (R1) 106.43; More... USD/JPY recovers mildly in early US session but momentum has been week. It's also kept comfortably below falling 4 hour 55 EMA. Nonetheless, as it's staying above 105.24 temporary low, intraday bias remains neutral first. Again, as long as 107.67 resistance holds, near term outlook will remain bearish. Break of 105.24 will resume larger decline from 118.65 and 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 108.92) first. Suggested ReadingsDollar Resumes Slide and Risk Appetite is Weakened, Following Cohn Shock EU Warns of Retaliation to US Tariffs, BoC Rate Decision Pending Are Investors Overreacting To Cohn's Resignation? EURJPY Fails To Strengthen Bullish Run, Negative Movement In Progress Risk-Off Sentiment Persists As Market Awaits Trump Trade Tariffs Forex Analysis: US500 And Gold Research US: Symbolic Protectionism With Limited Impact on Growth and Inflation But Risks Remain Dollar Falls As Trade War Fears Rise, Bank Of Canada Decision Eyed AUDUSD Continues Bearish Correction, Significant Obstacle At 23.6% Fibonacci Level Economic Data
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