Analysis and Recommendation: (close of Asian session)
USD/JPY continues to climb hitting a high during Asian trading of 83.57 and settling in at 83.42.The greenback has gained 1.5% on the yen from last Friday - its sixth weekly gain, pushing its year-to-date advance over 10%. Just a few weeks the USD was trading at a post World War 2 low. The greenback fell in late Friday trading against most of its trading partners, as they reached for more risky assets. Except for the Japanese Yen, if the housing and building permit reports from the US come it at or above forecast except to see a climb here over the high of today of 83.57 and possible close to the 83.94 resistance level.
Asian Markets Economic Releases March 19, 2012 actual v. forecast.
Westpac Consumer Sentiment
Economic Calendar March 20, 2012 ( reports that affect the Asian Markets )
01:30 AUD Monetary Policy Meeting Minutes
The Reserve Bank of Australia (RBA) Monetary Policy Meeting Minutes are a detailed record of the bank's most recent policy-setting meeting, containing in-depth insights into the economic conditions that influenced the rate decision.
13:30 USD Building Permits
Building Permits measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.
13:30 USD Housing Starts
Housing starts measures the change in the annualized number of new residential buildings that began construction during the reported month. It is a leading indicator of strength in the housing sector.
22:45 NZD Current Account
The Current Account index measures the difference in value between exported and imported goods, services and interest payments during the reported month. The goods portion is the same as the monthly Trade Balance figure. Because foreigners must buy the domestic currency to pay for the nation's exports the data can have a sizable affect on the NZD.
Government Bond Auctions (this week)
Mar 21 10:10 Sweden Nominal bond auction
Mar 21 10:30 Germany Eur 5.0bn Mar 2014 Schatz
Mar 21 10:30 Portugal Eur 0.75-1.0bn 4 & 6M T-bills
Mar 22 10:10 Sweden I/L bond auction
Mar 22 10.30 UK Auctions 0.625% 2042 I/L Gilt
Mar 22 15:00 US
Announces auctions of 2Y Notes on Mar 27, 5Y Notes on Mar
28 & 7Y Notes on Mar 29
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3