USDJPY Crop Losses
USDJPY trade recover after a sharp decline in early trading yesterday as Wall Street trading rose in the US session. The yen weakened against its main currency pair after the Wall Street focused on earnings reports satisfactory and ignore the diverse European stock trading and Asian stock markets were bearish.
The yen was also separated from the weakening of the US dollar after a voter permanently for US interest rates once a close associate of Fed Chair Janet Yellen, New York Fed President William Dudley, confirms his view by saying policy adjustments will likely be gradual and cautious as the US economy continues to face the challenges of uncertainty.
Technically,
Resistance: 109.50 109.92 110.50 High / Low: 109.19 / 108.82
Support: Running 107.90 108.40 109.00 Price: 109.12
Comment: For intraday trade today suggest Buy at the level of the 108.50 stop loss at the level of 108.25 and target at the level of 109.95.
Kospi Ends Negative Distressed
At the close of trading on the stock exchange South Korea earlier in the week last Monday, the Kospi index closed down -5.61 points or -0.28 percent, at 2009.10. Weakening Kospi profit taking pressured by the drop in crude oil prices after the collapse of crude oil producers meeting for freezing production.
At the end of yesterday’s trading, energy stocks extended their losses after the country’s largest oil producer in the world failed to reach an agreement to freeze production. Among the decliners among other financial stocks, steel and construction.
Crude oil prices plummeted in the Asian trading session yesterday, tumbled more than 5 in early trading, after the state-largest oil producer in the world failed to reach an agreement to freeze production.
US crude oil futures prices fell 4.56 percent at $ 38.52 a barrel, after falling more than 5.7 percent in morning trade. While the price of crude oil futures global benchmark Brent fell 3.99 percent at $ 41.38, up retracing slightly from 5 per cent from the previous losses.
At the end of trading yesterday, shares of Samsung Electronics fell 0.08 percent. Shares of state-owned utility Korea Gas Corp fell 1.26 percent. Shares of industry leader Samsung Life Insurance also fell 9.09 percent. Shares of builder Samsung C & T fell 1.75 percent.
Helping the main index stayed above the 2,000 level, stock car and tire forward in the temporary closure and stop the operation of the car and tire maker in Japan after the earthquake there last week. Shares of automaker Hyundai Motor rose 1.65 percent. Shares in Hyundai Mobis, the company is the country’s biggest auto parts, rose 0.62 percent. Hankook Tire, the largest tire manufacturer in the country, rose 1.70 percent.
As for the Kospi index futures tracked down -1.10 points or -0.44% at 248.35, down from a previous close at 249.45.
To this day Interest Rate Decision will be released South Korea indicated the Bank of Korea will keep interest rates remain at 1.5%.
Technically,
Resistance: 250.00 251.40 251.90 Prev. High / Low: 249.85 / 248.60
Support: Running 248.00 248.50 249.10 Price: 249.70
Comment: For intraday trade today suggest Sell 250.60 stop and reversal during a break above the 250.75, targets at the level of 248.80 and target of reversal at the level of 252.10.
Oil Prices End Lower
Oil futures settled lower yesterday after the main manufacturers failed to agree to freeze production.
Maybe West Texas Intermediate settled at $ 39.78 a barrel, down 58 cents, or 1.4% on the New York Mercantile Exchange. Meanwhile, Brent for June contract on London’s ICE Futures exchange was also closed down 19 cents, or 0.4% at $ 42.91 per barrel.
The world’s major oil producers meeting in Doha, Qatar, last week ended without agreement on freezing the production of which is intended to prop up oil prices. The talks would be meaningless after Saudi Arabia demanding Iran to join their agreement concerning the freezing problem.
Technically,
Resistance: 41.60 42.00 42.60 High / Low: 41.49 / 41.18
Support: 41.00 40.40 39.80 Running Price: 41.22
Comment: For intraday trade today suggest Buy at the level of the 40.44 stop loss at the level of 40.10 target at the level of 42.10.
