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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.
AceTrader - Best Intra-day Forex Trading Strategies
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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.
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