 Hi, good morning and welcome to today's products and focus. So what a lot of traders looking at this morning is the moves in Japanese Nikai, which has certainly come off quite aggressively. It's now hitting almost new lows for the year. Double yen has begun to sell off as well as people are buying the yen in terms of uncertainty and people are thinking that the Japanese market is getting impacted by the stronger yen, which incidentally is maybe the same problem as impacting the daxity is the fact that the euro was actually just getting a little bit too strong and sterling euro for example is a 0.8 and that's up from 0.7 only about six months ago. So a decent move there and some people now are thinking that that stronger euro is beginning to hurt the eurozone economies. There are some analysts out there who are actually comparing the lost decades in Japan with zero growth as to something that could happen in the eurozone if they don't manage the dax rates in a more effective way. So there's not actually a huge amount of other things happening apart from it's all about FX at the moment. It's what the Japanese yen is doing next and it's about the strength in the euro and at this moment we're going to go ahead and have a look at things from a technical perspective where most global equity markets are just slightly grinding that a little bit lower this morning. So let's go ahead and have a look at things from a technical perspective. So as you can see there this is the US 30 and we had a negative day yesterday almost a slight version golfing pattern and moved to the downside this morning quite far away from the moving averages. We have got a ridiculously over extended upwards move right here and it's not surprising we're getting a little bit of a sell-off though it feels kind of transitory in nature. I can't really think there's going to be a dramatic sell-off right here but CMC clients are 74% sure and the other technicals are just beginning to turn down now so these other technicals are just getting negative now. So you would have the tip here as the next potential support and then you'd be looking at the tips of these candles here as the next potential support. Moving on to the UK 100 briefly we're still in the middle of this range 60-70 potential support 22-20 sorry 62-20 being potential resistance from the wrong side of that moving average and that is about an ugly looking candle to have had yesterday. 57% of CMC clients are currently short. So let's have a look at that Japan 225 and it's not actually the lowest for the year my apologies but you can see that it is going to fall off a cliff there ever so slightly you are looking at the next potential support being closer to 14671 94% of CMC clients are currently long anticipating and move back to the upside if there is a jump to the upside you could be looking at 16384 as potential resistance but as you can see it's quite aggressive and it's moving on to dollar yen. Dollar yen is just beginning to move that little bit lower at the moment actually it's at the law of the day with what 110 spot 08 being the next potential support then after that you're looking at 105 and that would be fairly that'd be quite a punchy move for dollar yen should that actually end up happening. 78% of CMC clients are currently long anticipating there might be a bounce but this is a very ugly looking chart if I'm completely honest so moving on to West Texas Crude it's continuing to come off even in the face of that week in US dollar smashing back below 35 dollars next potential support would be 31 spot 82 but you could be looking at 55 pure SMA as adding that extra level of support. 51% of CMC Marcus clients are currently short moving on to gold gold might be bouncing off this potential neckline of the head and shoulders formation we've got right here. As discussed gold is a little bit of a tough one to trade right now we're in the middle of two moving averages so you've got the 21 period right here and the 55 period right here decent move yesterday but it's kind of hard to kind of gauge the directional moves when you are looking at a less likely chance of a rate hike in the US you would have expected to have more upwards momentum on gold but this has not happened but nevertheless 87% of CMC Marcus clients are currently long obviously anticipating a move to the upside this does look a lot like a potential head and shoulders formation so any break of this potential trend line right here could open up 1191 and then 1131 should that materialize. Moving on to euro dollar we've just come in the holding pattern right now your dollar trying to decide its next potential move obviously Mario Draghi is thinking right now what he can do to take some of that strength out of the euro but he's limited in his options you don't want to have the euro too strong because that will stuff stifle growth in the euro zone but nevertheless the markets are waiting to see what happens so not much to report 84% of CMC Marcus clients are currently short one spot 1489 remains to be the potential resistance level moving on to GBP's USD it's really not doing huge amount the sterling is it's been in a free fall for some time I probably say it looks like it's going to continue to oscillate around this one spot 4228 at the moment until the MAC would date a picture for sterling changes obviously is massive layoffs in the steel industry the UK economy is like kind of chugging along but it's not really you're setting the world on fire 60% of CMC Marcus clients are currently short anticipating further downs downwards momentum so let's have a look at things on the market calendar front what is still to come well you can see with the housing index in the UK PMI in the eurozone trade balance and PMI for the US then it's cruel Wednesday so make sure you don't forget about the petroleum inventory stocks we've got industrial output as well and in Thursday unemployment claims and then Friday you've got current account industrial production there's not a huge amount of amazing macroeconomic data so it does look like the market is going to be heavily driven by the technical factors right now and people are looking at dollar yen and euro dollar well that's it for me very good look at the trading guys and join me again tomorrow to find out what happened next thank you very much and goodbye