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Action Insight | Written by ActionForex.com | Jan 30 07 09:12 GMT |
Forex Daily Technical Report Sterling Rebounds, Dollar Retreats

Sterling staged a strong rebound across the board after the National Institute of Economic and Social Research, whose clients include UK Treasury and BoE, raised its forecast for U.K. economic growth to 2.75% this year, from Oct’s 2.5% forecast. Also, one more rate hike is needed to bring inflation back to BoE’s target of 2%. Sterling remains firm despite a weaker than expected housing report showing Nationwide House Price Index slowed to 0.3% mom, 9.3% yoy growth in Jan. Meanwhile, dollar retreats today ahead of Jan conference board consumer confidence which is expected to rise slightly from 109.0 to 109.1.

Other focus of today include Germany inflation data. Jan CPI is expected to slow to 0.4% mom growth but with yoy growth accelerated from 1.4% to 2.2%. Similarly HICP is expected to slow to 0.4% mom growth with yoy growth accelerated to 2.4%.

The Japanese yen, despite recovering mildly against dollar, remains generally weak across the board after weak household spending that which dropped more than expected by 1.9% in Dec, comparing to consensus of 1.2% fall. Jobless rate also rose to 4.l1%. Though, Dec industrial production came in better than expectation by rising 0.7% mom, 4.6% yoy. EUR/USD

Daily Pivots: (S1) 1.2913; (P) 1.2939; (R1) 1.2980; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

EUR/USD’s fall from 1.3042 has reached as low as 1.2876 but subsequent recovery has pushed EUR/USD above 1.2935 resistance with 4 hours MACD pushed above signal line, suggesting that a short term low is in place. At this point, further recovery is expected to follow as long as EUR/USD stays above 1.2905 minor support. Break above 1.3000 resistance will indicate that the consolidation from 1.2865 is indeed still in progress. Focus will be back to 1.3042 high and 1.3052 cluster resistance (38.2% retracement of 1.3364 to 1.2867 at 1.3057).

On the downside, below 1.3905 will bring retest of 1.2865 low and and then trend line support at 1.2846. Break will confirm that whole fall from 1.3364 has resumed for next downside target of 1.2760 support.

In the bigger picture, an important medium term top could be in place at 1.3364 already, with bearish divergence condition in weekly MACD and RSI. Sustained break of 1.2760 support, which will also have medium term rising channel line (now at 1.2748) taken out too, will add much weight to the case that whole medium term up trend from 1.1639 has completed. Focus will then be on 1.2483 cluster support (50% retracement of 1.1639 to 1.3364 at 1.2502). Decisive break of 1.2483 cluster support will confirm this case and have medium term outlook turned bearish.

However, decisive break of 1.3052 cluster resistance will indicate the fall from 1.3364 has possibly completed after drawing support from resistance line (1.2978 to 1.2937, now at 1.2851). This will also save the case that medium term up trend from 1.1639 is still in progress with EUR/USD kept inside the rising channel. Break of 1.3296 resistance will suggest the rise from 1.2483 has possibly resumed and EUR/USD could make a new high above 1.3364 before finally making a top on above mentioned bearish divergence condition in weekly chart.

GBP/USD

Daily Pivots: (S1) 1.9564; (P) 1.9590; (R1) 1.9633; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

After failing to stay firmly below 1.9588 cluster support (50% retracement of 1.9261 to 1.9913 at 1.9587), cable stages a strong rebound today, breaking above 1.9769 resistance with 4 hours MACD pushed back above signal line. The fall from 1.9913 should have already completed at 1.9547. At this point, further rebound is expected to follow as long as cable stays above 1.9614 support. Break of 1.9735 resistance will encourage a retest of 1.9913 high. On the downside, below 1.9614 again will put 1.9547 low back into focus and bring will indicate fall from 1.9913 has resumed for rising trend line (1.8517 to 1.8834, now at 1.9471) support.

In the bigger picture, a strong break above 1.9679 resistance will that case that rally from 1.9261 is still in progress. In such case, further rise could be seen to retest 1.9913 high and break will confirm whole rally from 1.8517 has resumed. But still, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 could complete at or below this level.

Right now, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of 1.9588 cluster support will be the a warning that whole rise from 1.8517 has completed earlier than we thought. Break of mentioned rising trend line support will confirm such case and bring much deeper decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Decisive break of this 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818).

USD/CHF

Daily Pivots: (S1) 1.2507; (P) 1.2533; (R1) 1.2557; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/.

USD/CHF continues to struggle below mentioned medium term falling trend line resistance (1.3238 to 1.2768, now at 1.2548). 4 hours MACD is dragged below signal line by the current sideway consolidation. But still, further rally is in favor as long as USD/CHF stays above 1.2486 minor support. Sustained break of the trend line resistance should bring further rise towards 1.2768 cluster resistance (61.8% retracement of 1.3283 to 1.1878 at 1.2746)

On the downside, below 1.2486 will turn intraday outlook consolidative first but pullback should be contained above 1.2422 support and bring rally resumption. A break below 1.2422 support is needed to shift focus back to the downside to 1.2374 low. Otherwise, consolidation should be brief and rally should resume sooner rather than later.

In the bigger picture, decisive break of medium term trend line resistance will also indicate that whole medium term down trend from 1.3283 has already completed at 1.1878. Further rally should be seen towards 1.2768 cluster resistance first. Decisive break of 1.2768 cluster resistance will add much weight to the case that whole corrective rise from 1.1288 (04 low) has resumed and further rally should be seen towards 1.3283 (06 high) or above.

On the downside, below 1.2374 will have the short term rising channel (now at 1.2411) taken out too and will indicate the whole rebound from 1.1878 has possible made a top after failing to break 1.2501/49 resistance zone decisively. Deeper correction should then be seen towards 1.2268 resistance turned support in such case.

USD/JPY

Daily Pivots: (S1) 121.37; (P) 121.77; (R1) 122.13; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

USD/JPY’s consolidation from 122.17 continues today with a brief break below 121.68 minor support. At this point further consolidation cannot be ruled out as long as USD/JPY stays below 121.17 high and risk remain for another pull back to 121.22 support or lower. However, rise from 114.41 is still in force as long as USD/JPY stays within short term rising channel (lower channel line at 120.88 now) and any interim consolidation should be brief. Further rally is still expected to be seen towards 123.23/29 cluster projection level

In the bigger picture, as medium term rally from 108.99 is still in force, such rally is treated as resumption of whole up trend from 101.65 for the moment. With price actions from 117.87 to 114.41 treated as interim consolidation, next upside target will be 123.23/29 cluster projection level (100% projection of 114.41 to 119.68 from 117.96 at 123.23. 100% projection of 108.99 to 117.87 from 114.41 at 123.29).

On the downside, sustained break of the short term rising channel will indicate a short term top is formed and should bring pull back towards 117.96 support. Also, as bearish divergence condition remains in 4 hours MACD and RSI, this would also be a warning that a much deeper decline is underway.

Forex News Digest

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Tue, 30 Jan 2007 06:13:00 GMT from Bloomberg

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Tue, 30 Jan 2007 05:54:00 GMT from Reuters

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Tue, 30 Jan 2007 05:10:00 GMT from Servihoo.com

http://www.actionforex.com/latest_news/latest_news/forex_news_20060323537/ Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised
23:30 JPY Japan Jobless rate Dec 4.10% 4.00% 4.00%
23:30 JPY Japan Household Spending Dec -1.90% -1.30% -0.70%
23:50 JPY Japan Industrial prod’n M/M Dec 0.70% 0.40% 0.70%
23:50 JPY JapanIndustrial prod’n Y/Y Dec 4.60% 4.30% 4.90%
7:00 GBP U.K. Nat’wide hse price M/M Jan 0.30% 1.00% 1.20%
7:00 GBP U.K. Nat’wide hse price Y/Y Jan 9.30% 10.00% 10.50%
EUR Germany Retail sales M/M Dec 1.50% -0.70%
EUR Germany Retail sales Y/Y Dec 0.80% -0.40%
EUR Germany CPI M/M Jan 0.40% 0.80%
EUR Germany CPI Y/Y Jan 2.20% 1.40%
EUR Germany HICP M/M Jan 0.40% 0.90%
EUR Germany HICP Y/Y Jan 2.40% 1.40%
13:30 CAD Canada PPI M/M Dec 0.50% 0.00%
13:30 CAD Canada PPI Y/Y Dec N/A 1.90%
15:00 USD U.S. Consumer confidence Jan 109.1 109
21:45 NZD NZ Trade Balance (nzd) Dec 0.415 B 0.785 B

http://www.actionforex.com/general_information/forex_newsletters/forex_newsletter_200507301487/

APRINTING workshop might not be the first place people think of as being a fountain of artistic talent.

The heavy machinery is a far cry from the delicate brushes of Renaissance painters, while the tubs of ink and paint are not quite the traditional artists’ palette.

But at the Edinburgh Printmakers, that is exactly what these things have become, with well-known artists such as Peter Howson and East Lothian’s John Bellany eager to work with equipment to produce their own distinctive pieces.

They are just two of the artists whose work appears in a new exhibition being launched to celebrate the 40th anniversary of the studio and gallery.

Their prints will join others by local and foreign artists produced at the studio over the years.

Gill Tyson, the vice-chairwoman of the printmakers, is one of the organisers of the exhibition, and admits it was tricky pulling everything together.

“We do not really keep copies of everything, so while we had a few old prints by some of the artists who had worked here, we really had to get on the phone to the people we have worked with over the years and try to collect as many as we could,” she says. “But it was fun speaking to them all, and I have to say everyone was really keen to help out.”

Set up in 1967, it was the first open access printmaking studio in Britain. Gill, who has worked there since the mid 1970s, believes there was nowhere more suited to the creation of such a workshop.

“Printmaking was already an industry in Edinburgh, primarily to make labels for whisky bottles,” she says. “There had been a revival of artistic prints in the 1950s, but in Britain there were very few places for artists to get prints made.

“There was a lot going on in Edinburgh at the time. John Bellany was hanging his paintings on the railings outside the RSA, [Edinburgh artist] Richard Demarco was running exhibitions in the Traverse Gallery, and art was flourishing.”

Into this artistic atmosphere came American Robert Cox, who opened a gallery at 46 Victoria Street and approached artist Philip Reeves with the idea of turning a space beside his gallery into a printmakers workshop.

He also persuaded artists Roy Wood and Kim Kempshall, who taught printmaking in Edinburgh at the time, to join him.

The workshop was given a grant of 500 by the Scottish Arts Council and the studio opened, holding regular exhibitions.

But the small, increasingly cramped space would not last them forever, and in 1975 the workshop moved from Victoria Street to Market Street, above the SAC’s Fruitmarket Gallery and next door to the New 57 Gallery.

The proximity of the Printmakers Workshop Gallery, the New 57 Gallery and the Fruitmarket Gallery, turned Market Street into a mini-artistic quarter and it became a popular place for visitors.

Over the years the workshop has attracted a huge range of artists. Gill says: “It is a process which people still find fascinating and it can produce some amazing results.”

40 Years at Edinburgh Printmakers opens on Saturday at the gallery on Union Street, and runs until March 3.

NEW YORK - Twentieth Century Fox has subpoenaed YouTube, Google Inc.’s video-sharing site, to reveal the identity of a user who uploaded four episodes of the TV show “24″ ahead of their airing.

The subpoena filed Jan. 18 in the U.S. District Court for the Northern District of California requests that YouTube disclose information sufficient to identify the subscriber so that Fox can stop the infringing immediately.

According to the subpoena from Jane Sunderland, vice president of content protection for Twentieth Century Fox, a unit of New York-based News Corp., the four episodes that constituted the season premiere of “24″ appeared on the site ahead their TV broadcast, uploaded by a subscriber identified as “ECOtotal.”

The subscriber also uploaded 12 episodes of the Simpsons.

On Jan. 8, Fox said it officially notified YouTube about the infringed episodes and requested immediate removal or to disable access to the service. News about the subpoena surfaced on the blog Google Watch.

The same group of episodes were uploaded under the username of Jorge Romero on the video site LiveDigital, to which Fox also issued a subpoena.

LiveDigital said the material was taken down right away and LiveDigital intends to comply with the subpoena immediately.

A recent YouTube search revealed only a prequel to Season 6 of “24″ and several short clips from The Simpsons.

Calls for comment to San Mateo, Calif.-based YouTube weren’t immediately returned.

This isn’t the first time Twentieth Century Fox has had a piracy issue involving YouTube. A young user was identified in a case in which a Family Guy episode was posted on YouTube ahead of its premiere.

The issue of piracy has sparked concern among entertainment companies and music and video-sharing sites, along with debate about whether the sites should be financially accountable. 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Search-engine marketing is a lot like speed dating: You only get a few seconds to show off your best features before the other party moves on to a more attractive prospect. If your pay-per-click campaign is looking for an audience, it needs to be positioned within the higher echelons of the search results pages. Fortunately for you, it’s probably going to be a lot easier to succeed in search marketing than it is in the dating arena.

Learn to lavish a little care and affection on your 2007 online-advertising activities with our rundown of these must-make resolutions: 1: Improve Campaign Maintenance Pay-per-click campaigns need a lot of tender, loving care. You’ve got to use them or lose them. It does take discipline and planning to keep a campaign relevant, but revising keywords and writing eye-catching new ads at regular intervals are good habits to get into. Simple tasks that get overlooked throughout the year, either through complacency or lack of time, can dilute the overall effectiveness of your campaign. If your ads point to broken links or product lines that are no longer stocked, your positions on the search networks will rapidly become downwardly mobile. 2: Organization Is Key This is a really an extension of resolution No. 1. By keeping a campaign organized, it’ll run more efficiently, so you’ll need to be on the ball and group relevant keywords into their own ad groups. Don’t have hordes of general terms in one group — be ruthless and split them into smaller offerings. By doing this, your ads will be more relevant to users, earning easy brownie points from the search engines. A higher quality score equals a lower cost per click. 3: Get Creative With Your Copyrighting If you do a Web search for your competitors, you’re sure to come across a slew of almost identical ads. Stepping away from the crowd takes imagination, but it can bear rich rewards. Don’t stick with tried-and-true formulas to woo your client base. Instead, be imaginative with language, and your ads will immediately become more eye-catching. It’ll also show your company as a market leader that’s able to differentiate itself from the competition.

Try thinking of your favorite newspaper headlines. Were they witty or hard-hitting? Funny or short and sweet? Use the ad rotation features to test more creative offerings while still showing established ads that have worked for you in the past. 4: Get Mobile Did you know that as of April 2006 there were an estimated 208 million cell phones in use in the United States? Connecting users to your business with a Google (GOOG) AdWords mobile ad takes a matter of minutes. You don’t even need to have a mobile Web site to run a mobile pay-per-click ad; instead, you can connect the browser directly to your business’ phone number. 5: Look Into Video Pay-per-click advertising has developed enormously in the past 12 months, and mobile advertising is just one of the new faces of the pay-per-click phenomenon. Google has blazed a trail to technical superiority with the advent of pay-per-view video advertising. Of course, you need to create a video ad before you can introduce it to your search-marketing campaign, but this can be as simple or as complicated as you like. Video ad production is going to be one of the industry buzzwords in 2007, so get in early and start planning your directorial debut now. 6: Break New Ground They say a change of scenery can do you a world of good, so break out of your comfort zone and try pay-per-click on a new search engine. MSN launched its adCenter platform in September and is already winning over big-name clients.

Yahoo! (YHOO) has long been a challenger to Google and offers a host of affiliate sites, which can increase your pay-per-click ad visibility. You can import keywords from existing campaigns on other search engines to compare and contrast performance and cost per click. 7: Become a Convert Implement conversion tracking to measure the profitability and usefulness of your ad campaigns. With Google AdWords, you can class a conversion as a click, filling in an online form or a purchase. Whatever you class as a conversion on your pay-per-click investment, tracking software can help you create more-targeted and better-thought-out campaigns. It shows you exactly what works and what doesn’t, removing the need for guesswork. 8: Target Your Ads You can target your pay-per-click campaigns in a number of ways. Make it your New Year’s resolution to learn at least two concrete methods of reaching your target search users. Basic targeting is done at the ad group level and involves carefully selecting only the most relevant keywords and ads that accurately describe your products and services.

More-sophisticated targeting involves using AdWords’ advanced features such as language targeting, regional and country targeting or time zone settings. If you can only deliver within a certain radius of your business address, implement the relevant city targeting so clicks aren’t wasted on users outside your business reach. If you’re a B2B supplier, learn how to set time scheduling to turn your ad on during business hours and off at all other times. This means it’ll only be visible during the hours your potential clients are likely to be searching the Net.

For MSN advertisers, advanced demographic-targeting features could inject your pay-per-click campaign with a new lease on life. Elect to show your ads to particular age groups or target by gender. 9: Think Seasonally Strict editorial policies on the search portals carefully protect the integrity of the virtual gold mine of online shoppers from false claims by pay-per-click advertisers. While your ad should accurately reflect the nature of your business, it’s also worth considering creating ads with special offers and gestures of seasonal goodwill. Holiday sales, early-summer discounts and buy-one-get-one-free offers are a nice touch if they’re mixed in with everyday great deals and quality products. 10: Understand That Bigger Isn’t Always Better There are a few things people often lie about, age being one and height being another. Lucky for you, bigger isn’t always better in pay-per-click terms. Don’t be put off from taking your marketing online just because you don’t have vast reserves of cash to throw at a pay-per-click campaign. Results from a small budget are possible — they just might require more creative thinking and planning, but a respectable search position and a flurry of hot leads are not unrealistic goals if your campaign is well thought-out and you employ a disciplined approach to keywords.

Action Insight | Written by ActionForex.com | Jan 30 07 15:26 GMT |
Forex Mid-Day Technical Report Market Remains Cautiously in Range Ahead of Tomorrow’s GDP and FOMC

Dollar’s consolidation against majors continue after better than expected consumer confidence data. The Conference Board’s Consumer Confidence index unexpectedly rose to 110.3 in Jan, beating expectation of 109.1. Prior month’s index was also revised upward to 110.0. The index suggests that consumer optimism increased in Jan should be reflected in stronger consumer spending onwards. Reaction is muted as traders remain cautious ahead of more important economic events in the coming days including Q4 GDP, FOMC announcement, ISM Manufacturing Index as well the Non-Farm Payroll report.

The Japanese yen and Swiss Franc remains pressured on carry trade theme. EUR/CHF surged to new record high of 1.6253 earlier today while USD/CHF continues to hover near to last week’s high of 1.2563. Earlier today, Sterling rebounded after NIERSR raised forecasts for UK economic growth and expect one more hike from BoE. But the rebound was short lived as Sterling gives back it’s earlier gain against dollar entering into US session. EUR/USD

Daily Pivots: (S1) 1.2913; (P) 1.2939; (R1) 1.2980; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

EUR/USD remains bounded in tight range today. As discussed before, recovery from 1.2876 has pushed EUR/USD above 1.2935 resistance with 4 hours MACD pushed above signal line, suggesting that a short term low is in place. Further recovery cannot be ruled out as long as EUR/USD stays above 1.2905 minor support. Break above 1.3000 resistance will indicate that the consolidation from 1.2865 is indeed still in progress. In such case, focus will be back to 1.3042 high and 1.3052 cluster resistance (38.2% retracement of 1.3364 to 1.2867 at 1.3057).

But, on the downside, below 1.3905 will indicate the recovery has completed and bring retest of 1.2865 low and then trend line support at 1.2845. Break will confirm that whole fall from 1.3364 has resumed for next downside target of 1.2760 support.

In the bigger picture, an important medium term top could be in place at 1.3364 already, with bearish divergence condition in weekly MACD and RSI. Sustained break of 1.2760 support, which will also have medium term rising channel line (now at 1.2748) taken out too, will add much weight to the case that whole medium term up trend from 1.1639 has completed. Focus will then be on 1.2483 cluster support (50% retracement of 1.1639 to 1.3364 at 1.2502). Decisive break of 1.2483 cluster support will confirm this case and have medium term outlook turned bearish.

However, decisive break of 1.3052 cluster resistance will indicate the fall from 1.3364 has possibly completed after drawing support from resistance line (1.2978 to 1.2937, now at 1.2845). This will also save the case that medium term up trend from 1.1639 is still in progress with EUR/USD kept inside the rising channel. Break of 1.3296 resistance will suggest the rise from 1.2483 has possibly resumed and EUR/USD could make a new high above 1.3364 before finally making a top on above mentioned bearish divergence condition in weekly chart.

GBP/USD

Daily Pivots: (S1) 1.9564; (P) 1.9590; (R1) 1.9633; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

Cable’s rebound from 1.9547 lacks decisive momentum, reaches 1.9695 only and retreats sharply afterwards, giving back most of its gain. As discussed before, with 4 hours MACD pushed back above signal line, a short term top could be formed at 1.9547 low and hence, further rebound is still in favor to come as long as cable stays above this low. On the upside, Break of 1.9735 resistance will encourage a retest of 1.9913 high. Meanwhile, Break of 1.9547 low will indicate fall from 1.9913 has resumed for rising trend line (1.8517 to 1.8834, now at 1.9471) support.

In the bigger picture, a strong break above 1.9679 resistance will that case that rally from 1.9261 is still in progress. In such case, further rise could be seen to retest 1.9913 high and break will confirm whole rally from 1.8517 has resumed. But still, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 could complete at or below this level.

Right now, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of 1.9588 cluster support will be the a warning that whole rise from 1.8517 has completed earlier than we thought. Break of mentioned rising trend line support will confirm such case and bring much deeper decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Decisive break of this 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818).

USD/CHF

Daily Pivots: (S1) 1.2507; (P) 1.2533; (R1) 1.2557; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/.

Outlook in USD/CHF remains unchanged as it continues to struggle below mentioned medium term falling trend line resistance (1.3238 to 1.2768, now at 1.2548). At this point, further rally is still in favor as long as USD/CHF stays above 1.2486 minor support. Sustained break of the trend line resistance should bring further rise towards 1.2768 cluster resistance (61.8% retracement of 1.3283 to 1.1878 at 1.2746). On the downside, below 1.2486 will turn intraday outlook consolidative first but pullback should be contained above 1.2422 support and bring rally resumption.

In the bigger picture, decisive break of medium term trend line resistance will also indicate that whole medium term down trend from 1.3283 has already completed at 1.1878. Further rally should be seen towards 1.2768 cluster resistance first. Decisive break of 1.2768 cluster resistance will add much weight to the case that whole corrective rise from 1.1288 (04 low) has resumed and further rally should be seen towards 1.3283 (06 high) or above.

On the downside, with bearish divergence conditions in 4 hours MACD and RSI as background, a break below 1.2422 support will warn that the whole rise from 1.1878 has completed, after failing to break mentioned medium term falling trend line. This will also have Further decline is expected in such case towards 1.2374 support or lower. short term rising channel (now at 1.2438) taken out too Deeper correction should then be seen towards 1.2268 resistance turned support in such case.

USD/JPY

Daily Pivots: (S1) 121.37; (P) 121.77; (R1) 122.13; http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/

USD/JPY’s consolidation from 122.17 continues today. At this point, further consolidation cannot be ruled out and risk for another pull back to 121.22 support remains. But, rise from 114.41 is still in force as long as USD/JPY stays within short term rising channel (lower channel line at 120.98 now) and any interim consolidation should be brief. Break of 122.17 high will indicate recent rise has resumed for 123.23/29 cluster projection level

In the bigger picture, as medium term rally from 108.99 is still in force, such rally is treated as resumption of whole up trend from 101.65 for the moment. With price actions from 117.87 to 114.41 treated as interim consolidation, next upside target will be 123.23/29 cluster projection level (100% projection of 114.41 to 119.68 from 117.96 at 123.23. 100% projection of 108.99 to 117.87 from 114.41 at 123.29).

On the downside, sustained break of the short term rising channel will indicate a short term top is formed and should bring pull back towards 117.96 support. Also, as bearish divergence condition remains in 4 hours MACD and RSI, this would also be a warning that a much deeper decline is underway.

Forex News Digest

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Tue, 30 Jan 2007 12:05:00 GMT from Washington Post

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Tue, 30 Jan 2007 11:46:00 GMT from Reuters

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Tue, 30 Jan 2007 10:52:00 GMT from Yahoo! Singapore

http://www.actionforex.com/latest_news/latest_news/forex_news_20060323537/ Economic Indicators Update
GMT Ccy Events Actual Consensus Previous Revised
23:30 JPY Japan Jobless rate Dec 4.10% 4.00% 4.00%
23:30 JPY Japan Household Spending Dec -1.90% -1.30% -0.70%
23:50 JPY Japan Industrial prod’n M/M Dec 0.70% 0.40% 0.70%
23:50 JPY JapanIndustrial prod’n Y/Y Dec 4.60% 4.30% 4.90%
7:00 GBP U.K. Nat’wide hse price M/M Jan 0.30% 1.00% 1.20%
7:00 GBP U.K. Nat’wide hse price Y/Y Jan 9.30% 10.00% 10.50%
13:30 CAD Canada PPI M/M Dec 1.4% 0.50% 0.00% 0.1%
13:30 CAD Canada PPI Y/Y Dec 3.6% N/A 1.90% 3.6%
15:00 USD U.S. Consumer confidence Jan 110.3 109.1 109 110
21:45 NZD NZ Trade Balance (nzd) Dec 0.415 B 0.785 B
EUR Germany CPI M/M Jan 0.40% 0.80%
EUR Germany CPI Y/Y Jan 2.20% 1.40%
EUR Germany HICP M/M Jan 0.40% 0.90%
EUR Germany HICP Y/Y Jan 2.40% 1.40%

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