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AceTraderFx Oct 13: Daily Recommendations on Major USD/JPY
DAILY MARKET OUTLOOK
Update Time: 13 Oct 201609:01 GMT
USD/JPY - 103.85
Despite the greenback's rally to a fresh 2-month high at 104.64 at Asian open today, subsequent selloff to as low as 103.56 suggests recent erratic uptrend has formed a temporary top there and choppy trading with downside bias would be for minor retracement towards 103.28/29, then 103.18.
However, as broad-outlook remains consolidative, reckon support at 102.81 would remain intact and yield rebound.
On the upside, only above 104.48 would indicate said pullback is over and yield resumption of upmove from August's low at 99.54 for a re-test of 104.64, break, 104.84 later.
AceTrader - Best Intra-day Forex Trading Strategies
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Update Time: 13 Oct 201609:01 GMT
USD/JPY - 103.85
Despite the greenback's rally to a fresh 2-month high at 104.64 at Asian open today, subsequent selloff to as low as 103.56 suggests recent erratic uptrend has formed a temporary top there and choppy trading with downside bias would be for minor retracement towards 103.28/29, then 103.18.
However, as broad-outlook remains consolidative, reckon support at 102.81 would remain intact and yield rebound.
On the upside, only above 104.48 would indicate said pullback is over and yield resumption of upmove from August's low at 99.54 for a re-test of 104.64, break, 104.84 later.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates