AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Jan 11: Intra-Day News and Views USD/JPY

Intra-Day Market Moving News and Views
11 Jan 2017 04:07GMT

USD/JPY - 116.10.. The greenback regains traction in Asian trading on Wednesday after yesterday's roller-coaster ride. Despite Tuesday's intra-day fall from 116.21 to 115.20 in Asia, dlr rallied to session high of 116.34 at New York open and only to fall back to 115.29 on renewed cross-buying in yen.
However, renewed usd's broad-based strength in New York afternoon lifted price to 116.05/06 and dlr-buying continued in Tokyo today and sent the pair to 116.25.

Yesterday's rebound from 115.20 suggests further volatile trading above last Friday's 3-week trough at 115.07 would continue as investors are keenly awaiting key press conference by U.S. President-elect Donald Trump at 16:00GMT. Anticipated Trump's fiscal stimulus plan should be usd supportive.
However, on the flip side, his protectionist stance esp. over China and Japan would trigger yen-buying.
Therefore, traders need to hear from the horse's mouth what his forthcoming official plans are before establishing more positions.

Offers are tipped at 116.25/35 with some stops above there, more selling interest is noted at 116.65/75.
Bids are noted at 115.80-70 n more below with stops below 115.20. There is market chatter of fairly large stops below 115.00.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Jan 2017 09:26 GMT

USD/JPY - 115.84
Despite the greenback's intra-day resumption of decline from December's 10-1/2 month peak at 118.66 to 115.07 ahead of Asian open, subsequent rebound suggests a temporary low has been made and choppy trading with upside bias would be seen ahead of today's release of U.S. jobs report and gain towards 116.78/80 is likely.
However, 117.23 should remain intact and yield another retreat later.

On the downside, only below 115.07 would revive bearishness for a stronger retracement of medium-term decline towards 114.74, then 114.30 early next week.

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AceTraderFx Dec 13: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 13 Jan 2017 09:50 GMT

USD/JPY - 114.62
Although the greenback has staged a recovery after yesterday's resumption of decline from December's 10-1/2 month peak at 118.66 to 113.76 and minor consolidation is in store, as 115.18 has capped upside in Asia today, downside bias is retained for another fall towards said support, break there would yield stronger weakness towards 113.40/50 before prospect of a correction early next week.

On the upside, only above 115.63 would indicate a temporary low has been made and risk would increase for a stronger retracement towards 116.34 but resistance at 116.87 would remain intact.

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AceTraderFx Dec 16: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 16 Jan 2017 09:21 GMT

USD/JPY - 114.22
Although the greenback has staged a recovery after last Thursday's resumption of decline from December's 10-1/2 month peak at 118.66 to 113.76 and minor consolidation is in store, as 115.45 has capped upside on Friday, downside bias is retained for another fall towards said support, break there would yield stronger weakness towards 113.40/50 before prospect of a correction early next week.

On the upside, only above 115.63 would indicate a temporary low has been made and risk would increase for a stronger retracement towards 116.34 but resistance at 116.87 would remain intact.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Jan 2017 09:15 GMT

USD/JPY - 113.13
The greenback's intra-day fall below yesterday's trough at 113.64 signals erratic decline from December's 10-1/2 month peak at 118.66 remains in progress and consolidation with downside would be seen for weakness towards 112.88/90.
However, over sold condition would prevent steep fall below there and reckon 112.42 would remain intact initially and yield a much-needed rebound later this week.

On the upside, only above 114.25 (previous support, now resistance) would indicate a temporary low has been made and risk stronger retracement towards 115.45.

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Jan 2017 09:10 GMT

USD/JPY - 113.19
The greenback's intra-day fall below yesterday's trough at 113.64 signals erratic decline from December's 10-1/2 month peak at 118.66 remains in progress and consolidation with downside would be seen for weakness towards 112.88/90, however, over sold condition would prevent steep fall below there and reckon 112.42 would remain intact initially and yield a much-needed rebound later this week.

On the upside, only above 114.25 (previous support, now resistance) would indicate a temporary low has been made and risk stronger retracement towards 115.45.

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AceTraderFx Jan 19: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 Jan 2017 09:15 GMT

USD/JPY - 114.81
The greenback's intra-day fall below yesterday's trough at 113.64 signals erratic decline from December's 10-1/2 month peak at 118.66 remains in progress and consolidation with downside would be seen for weakness towards 112.88/90.
However, over sold condition would prevent steep fall below there and reckon 112.42 would remain intact initially and yield a much-needed rebound later this week.

On the upside, only above 114.25 (previous support, now resistance) would indicate a temporary low has been made and risk stronger retracement towards 115.45.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Jan 2017 09:05 GMT

USD/JPY - 113.42
Although dollar's spectacular rally from Tue's 14-week bottom at 112.57 to as high as 115.61 yesterday confirms recent decline from 118.66 (December) has ended there, subsequent retreat on renewed broad-based usd weakness suggests 1-2 days of choppy consolidation is in store, as long as 114.00/10 holds, re-test of 115.61 is still envisaged.

On the downside, below 114.00 anytime indicates 1st leg of correction is over and risks stronger retracement to 113.65/70 before prospect of another strong rebound later this week.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Jan 2017 09:21 GMT

USD/JPY - 113.25
Although dollar's spectacular rally from Tuesday's 14-week bottom at 112.57 to as high as 115.61 yesterday confirms recent decline from 118.66 (Dec) has ended there, subsequent retreat on renewed broad-based usd weakness suggests 1-2 days of choppy consolidation is in store, as long as 114.00/10 holds, re-test of 115.61 is still envisaged.

On the downside, below 114.00 anytime indicates 1st leg of correction is over and risks stronger retracement to 113.65/70 before prospect of another strong rebound later this week.

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AceTraderFx Jan 25: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 25 Jan 2017 09:19 GMT

USD/JPY - 113.62
Despite the greenback's resumption of erratic decline from December's 10-1/2 month peak at 118.66 to a fresh 7-week trough at 112.53 yesterday in Australia, subsequent strong rebound to 113.99 today suggests a temporary low has been made there and consolidation with mild upside bias would be seen.
However, resistance at 114.54 should remain intact and yield another fall later this week.

On the downside, only below 113.17 would indicate aforesaid recovery has ended instead and turn outlook bearish for a re-test of aforesaid support.

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