AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

[acetraderfx]

AceTraderFx Jan 08: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 08 Jan 2018 10:00 GMT

USD/JPY - 113.34
Despite dollar's selloff to 112.06 Monday, subsequent strong rebound suggests further choppy trading above previous support at 112.03 would continue with upside bias and marginal gain from here is likely to be seen, however, resistance at 113.38 should remain intact and yield retreat later this week.
Below 112.03/06 would revive bearishness for stronger weakness towards 111.70/80.

On the upside, only above 113.38 would indicate a temporary low has been made instead and risk stronger gain to 113.64 but December's peak at 113.75 would remain intact.

After Friday's release of key U.S. jobs data, no eco. data is due out today from the U.S., however, we have 3 Fed officials delivering speeches later in the day starting with Atlanta Fed President's Bostic (voter), S.Francisco Fed President's Williams (voter) and Boston Fed's Rosengren (non-voter).

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AceTraderFx Jan 10: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 10 Jan 2018 09:30 GMT

USD/JPY - 111.91
The greenback's selloff to 112.37 yesterday and then intra-day fall below this support and previous low at 112.03 signals erratic decline from December's peak at 113.75 has finally resumed and further weakness towards 111.65/70 would be seen after consolidation.
However, loss of momentum would keep price above 111.41 and yield a much-needed correction later this week.

On the upside, only above 113.39 would revive bullishness for gain towards 113.64 but resistance at 113.75 should hold on first testing and yield retreat.

Data to be released on Wednesday:
Australia NAB business conditions, China PPI, CPI.
France industrial output, Italy industrial output, U.K. construction output, industrial output, manufacturing output, trade balance, NIESR GDP estimate.
U.S. MBA mortgage application, import prices, export prices, wholesale inventories, wholesale sales, Canada building permits

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AceTraderFx Jan 11: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 11 Jan 2018 09:30 GMT

USD/JPY - 111.78
The greenback's selloff to 112.37 yesterday and then intra-day fall below this support and previous low at 112.03 signals erratic decline from December's peak at 113.75 has finally resumed and further weakness towards 111.65/70 would be seen after consolidation, however, loss of momentum would keep price above 111.41 and yield a much-needed correction later this week.

On the upside, only above 113.39 would revive bullishness for gain towards 113.64 but resistance at 113.75 should hold on first testing and yield retreat.

Ahead of Friday's key retail sales n CPI data, U.S. will release weekly jobless claims, final December PPI and Federal budget. Also, the out-going New York Fed President Dudley will be speaking at 20:30GMT.

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AceTraderFx Jan 15: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 15 Jan 2018 09:30 GMT

USD/JPY - 110.69
The greenback's intra-day fall and subsequent break of November's trough at 110.84 to a fresh 4-month low at 110.58 signals erratic decline from November's peak at 114.74 has finally resumed and choppy trading with downside bias would be seen for weakness towards 110.30/35, however, over sold condition would keep price above 110.10/15 and yield a much-needed correction later this week.

On the upside, only above 111.19 would indicate a temporary low has been made and risk would increase for a stronger retracement to 111.69/70.

Data to be released today:
EU trade balance and U.S. market holiday on Monday.

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AceTraderFx Jan 17: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 17 Jan 2018 09:30 GMT

USD/JPY - 110.75
The greenback's sharp fall and subsequent break of November's trough at 110.84 to a fresh 4-month low at 110.48 Monday, then 110.20 today signals erratic decline from November's peak at 114.74 has finally resumed and choppy trading with downside bias would be seen for weakness towards 110.10/15.
However, over sold condition would keep price above 109.70/74 and yield a much-needed correction later this week.

On the upside, only above 111.19 would indicate a temporary low has been made and risk would increase for a stronger retracement to 111.69/70.

Data to be released on Wednesday:
Australian Westpac consumer confidence, Japan machinery orders, Germany wholesale price index, EU CPI, U.S. MBA mortgage application, redbook, industrial production, capacity utilization, NAHB manufacturing market index, and Canada rate decision.

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AceTraderFx Jan 18: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Jan 2018 09:30 GMT

USD/JPY - 111.21
The greenback's sharp fall and subsequent break of November's trough at 110.84 to a fresh 4-month low at 110.48 Monday, then 110.20 today signals erratic decline from November's peak at 114.74 has finally resumed and choppy trading with downside bias would be seen for weakness towards 110.10/15.
However, over sold condition would keep price above 109.70/74 and yield a much-needed correction later this week.
On the upside, only above 111.19 would indicate a temporary low has been made and risk would increase for a stronger retracement to 111.69/70.

Data release on Thursday :
Australia consumer sentiment, employment change, unemployment rate, Japan industrial production, producer/import price, China house price, industrial output, retail sales, GDP, and U.S.housing starts, building permits, initial jobless claims, Philadelphia Fed survey.

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AceTraderFx Jan 22: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 22 Jan 2018 09:05 GMT

USD/JPY - 110.77
Despite the greenback's strong rebound from last Wednesday's fresh 4-month trough at 110.20 to 111.48 last Thursday, subsequent retreat suggests the first leg of correction has ended and choppy trading with downside bias would be seen for weakness to 110.30/40.
Below would confirm this view and yield re-test of aforesaid support. However, loss of momentum would prevent steep fall below there and yield rebound later.

On the upside, only above 111.48 would revive bullishness for a stronger retracement of medium term decline towards 111.69/70, then 111.88/90 later this week.

Data release today:
U.K. Rightmove house price, Canada wholesale sales, and U.S. national activity index.

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AceTraderFx Jan 23: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 23 Jan 2018 09:30 GMT

USD/JPY - 111.01
Despite the greenback's strong rebound from last Wednesday's fresh 4-month trough at 110.20 to 111.48 last Thursday, subsequent retreat suggests the first leg of correction has ended and choppy trading with downside bias would be seen for weakness to 110.30/40, below would confirm this view and yield re-test of aforesaid support.
However, loss of momentum would prevent steep fall below there and yield rebound later.

On the upside, only above 111.48 would revive bullishness for a stronger retracement of medium term decline towards 111.69/70, then 111.88/90 later this week.

U.S. eco. calendar is pretty light with Redbook sales and Richmond Fed manufacturing index the only data due out later today.

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AceTraderFx Jan 24: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 24 Jan 2018 09:30 GMT

USD/JPY - 109.85
The greenback's selloff yesterday and intra-day break of last week's fresh 4-month trough at 110.20 signals erratic decline from November's peak at 114.74 has once again resumed and consolidation with downside bias would be seen for weakness towards 109.50/55, however, oversold condition would keep price above 108.90/00 and yield a much-needed correction later this week.

On the upside, only above 111.22 would indicate a temporary low has been made and risk stronger retracement to 111.40/50 before prospect of another retreat later.

U.S. will release MBA mortgage approvals, monthly home price, Markit manufacture and services PMIs and existing home sales later today.

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AceTraderFx Feb 01: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 01 Feb 2018 09:30 GMT

USD/JPY - 109.48
The greenback's rally to 109.45 yesterday in post-FOMC trading due partly to a hawkish FOMC statement and then intra-day rise above this resistance to 109.64 suggests recent decline has made a temporary low at last Friday's fresh 4-month trough at 108.29 and choppy trading with upside bias would be seen for a stronger retracement to 109.90.
But near term loss of momentum would keep price below 110.20 and yield retreat.

On the downside, only below 108.60 would indicate aforesaid correction has ended instead and risk re-test of 108.29, break would extend towards 107.90/00.

Data due out later on Thursday:
Swiss consumer confidence, retail sales, manufacturing, Italy Markit manufacturing PMI, France Markit manufacturing PMI, Germany Markit manufacturing PMI, EU Markit manufacturing PMI, UK Markit manufacturing PMI.
U.S. initial jobless claims, labor costs, nonfarm productivity, Markit manufacturing PMI, construction spending, ISM manufacturing PMI, and Canada Markit manufacturing PMI.

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