Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
US futures are pointing a tad lower this morning
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The NZD/JPY pair is now testing the Tenkan sen level. A plunge of the market will push the currency pair below the previous support, bringing the rate into fresh lows. Alternatively, a bounce up from the current levels would lead NZD/JPY into a correction phase towards the Kijun sen level and the lower level of the Kumo.
Market View
There was a risk off in markets on Wednesday, especially in Europe while US recovered well off the day's lows. Cyclical and growth stocks moved lower for a second day and quite markedly so (growth underperformed value by 200bp). Defensives and materials were the only sectors higher. Dow Jones ended the day lower by -0.4%, S&P 500 -1% and NASDAQ -2.2%. US futures are pointing a tad lower this morning as well.
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