The US department of labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending July 4 increased by 15,000 to 297K from the previous week's total of 282K. Analysts had expected initial jobless claims to fall by 7,000 to 274K last week.
Already tensed markets on China and Greece were furthermore jerked by a sudden shut down in the NYSE for several hours overnight. Equities and commodities remained pressured, and bonds were bid. For FX that helped boost JPY even further.
But the major trend for this pair uptrend only but short term hedging views have been bearish bias. Fund managers by adopting such strategies into their clients' portfolio block returns irrespective of markets being bullish or bearish. But by keeping wrong positions in trade with inaccurate computations may stuck in trade paralysis.
On technical side, oscillators while plotting hourly charts suggest haven space for bulls accumulating fresh longs on binary calls for a target at around 122.35 levels. RSI curve converging upward with rising prices at 62.0738 levels while slow stochastic reaches oversold trajectory but %K line crossover above 80 levels (%K line at 89.0706 & %D line at 81.2816). Overall intraday trend for today has been upward bias as we traced some sort of bullish candles. Therefore, we think buying calls at every dips would perform better today.
