AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Apr 21: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 21 Apr 2017 09:13 GMT

USD/JPY - 109.17
Despite the greenback's resumption of recent losing streak to a fresh 5-month trough at 108.13 on Monday, subsequent rally to 109.48 yesterday suggests recent erratic downtrend has made a minor low there and choppy trading with upside bias would be seen for retracement towards 109.85/86, however, as broad-outlook remains consolidative, reckon 110.14 (previous support, now resistance) would remain intact and yield retreat.

On the downside, only below 108.13 would revive bearishness for one more fall to 108.30 but as this move is losing downward momentum, reckon 108.13 would hold and bring a much-needed correction later this week.

Data to be released:
France manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, Italy industrial orders, EU manufacturing PMI, services PMI, current account, UK retail sales.
Canada CPI, U.S. manufacturing PMI, services PMI, and home sales.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Apr 2017 09:16 GMT

USD/JPY - 110.12
Despite today's gap-up open to 110.61 in New Zealand due to active buying in euro/yen cross on news of a victory by France's centrist candidate Macron in the first round of election, subsequent retreat suggests the correction from April's 5-month trough at 108.13 has possibly ended there and choppy trading with downside bias would be seen for a stronger retracement to 109.46/50.
However, support at 108.89 should remain intact and yield rebound.

On the upside, only above 110.61 would revive bullishness for one more rise towards 111.00/02 before prospect of another fall due to near term loss of momentum.

Data to be released later:
Germany Ifo business climate, current assessment, expectations, UK house price, CBI trends.
Canada wholesale sales and U.S. National activity index on Monday.

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AceTraderFx May 2: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 02 May 2017 09:11 GMT

USD/JPY - 112.12
The greenback's rise to 111.92 yesterday and intra-day break of aforesaid resistance signals upmove from April's 5-month trough at 108.13 remains in progress and consolidation with upside bias remains for gain towards 112.40/50.
However, resistance at 112.73 should remain intact ahead of the Federal Reserve's rate decision on Wednesday and yield correction.

On the downside, only below 111.20 would indicate a temporary top has been made and risk stronger retracement to 110.80/90 but 110.61 (previous resistance, now support) would remain intact and yield rebound.

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AceTraderFx May 04: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 04 May 2017 09:17 GMT

USD/JPY - 112.80
Despite intra-day cross-inspired resumption of recent upmove to a fresh 6-month high of 112.89 in holiday-thinned Asian morning, near term 'loss of upward momentum' is likely to prevent strong gain today above 113.00 and reckon 113.45 would remain intact, yield a much-needed minor correction ahead of Friday's key U.S. jobs report.

On the downside, below 112.27/31 anytime confirms temporary top is in place and brings stronger retracement to 111.97/02 before prospect of another rise.

Data to be released later:
Italy services PMI, France services PMI, Germany services PMI, EU services PMI, UK mortgage approvals, services PMI.
U.S. trade balance, jobless claims, labour costs, productivity, factory orders.
Canada exports, imports and trade balance.

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AceTraderFx May 05: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 05 May 2017 09:06 GMT

USD/JPY - 112.34
Despite the greenback's rise to a fresh near 7-week peak at 113.05 yesterday, subsequent retreat suggests up-move from April's 4-month trough at 108.13 has made a temporary top there and choppy trading with downside bias would be seen for weakness to 111.97, however, near term loss of downward momentum would prevent steep fall below there ahead of today's U.S. non-farm release and risk would increase of another rebound early next week.

On the upside, only above 113.05 would revive bullishness for gain towards 113.45/50 but over bought condition would keep price below 113.78 and yield correction.

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 May 2017 09:20 GMT

USD/JPY - 112.62
Despite the greenback's rise to a fresh near 7-week peak at 113.05 yesterday, subsequent retreat suggests upmove from April's 4-month trough at 108.13 has made a temporary top there and choppy trading with downside bias would be seen for weakness to 111.97.
However, near term loss of downward momentum would prevent steep fall below there and risk would increase of another rebound early next week.

On the upside, only above 113.05 would revive bullishness for gain towards 113.45/50 but over bought condition would keep price below 113.78 and yield correction.

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 May 2017 09:20 GMT

USD/JPY - 113.90
The greenback's rise above Monday's fresh 7-week peak at 113.10 to 114.32 yesterday on active cross-selling of yen signals erratic upmove from April's 5-month trough at 108.13 remains in progress and marginal gain from here would be seen after consolidation.
However, loss of momentum would prevent strong move beyond there and reckon 114.60/70 would limit upside and bring a much-needed correction later this week.

On the downside, only a daily close below 112.40 would indicate a temporary top has been made and yield stronger retracement of aforesaid rise to 112.09/10, then 111.70/80 before prospect of a recovery.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 May 2017 09:04 GMT

USD/JPY - 114.19
The greenback's rise above Monday's fresh 7-week peak at 113.10 to 114.32 Tuesday, then intra-day break of this level on active cross-selling of yen signals erratic upmove from April's 5-month trough at 108.13 remains in progress and marginal gain from here would be seen after consolidation.
However, loss of momentum would prevent strong move beyond there and reckon 114.60/70 would limit upside and bring a much-needed correction later this week.

On the downside, only a daily close below 112.40 would indicate a temporary top has been made and yield stronger retracement of aforesaid rise to 112.09/10, then 111.70/80 before prospect of a recovery.

Data to be released on Thursday:
Swiss CPI, UK construction output, industrial output, manufacturing output, trade balance, BoE rate decision, MPC minutes and BoE Inflation Report, U.S. jobless claims and PPI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 May 2017 09:05 GMT

USD/JPY - 113.67
Despite the greenback's gap-down open and fall to 113.13 in New Zealand on risk aversion due to missile test by North Korea on Sunday, subsequent rebound suggests the pullback from last Wednesday's 8-week peak at 114.37 has possibly ended there and choppy trading with upside bias would be seen for gain to 113.92, above would confirm this view and yield re-test of 114.37 later this week.

On the downside, only below 113.13 would abort bullishness and risk stronger retracement of recent rise towards 113.05, then 112.62 before prospect of a rebound.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 May 2017 09:26 GMT

USD/JPY - 112.50
The greenback's selloff yesterday and subsequent break of Monday's low at 113.13 signals decline from last Wednesday's 8-week peak at 114.37 remains in progress and consolidation with downside bias remains for weakness towards 112.09/10.
However, near term loss of momentum would prevent sharp move beyond there and risk would increase of a much-needed rebound later.

On the upside, only above 113.13 would indicate the first leg of correction has ended and turn outlook bullish for gain to 113.40/50 but resistance at 113.85 should remain intact, bring retreat.

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AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates