AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Mar 15: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 15 Mar2022 09:30GMT

USD/JPY - 117.91
Despite the dollar's impressive rally on Friday above January's 117.34 top to a fresh 5-year peak of 118.44 in Asia Tuesday, present sharp retreat in European morning on broad based yen buying signals consolidation is seen before recent upmove resumes and heads towards 118.66 later.

On the downside, only a daily close below 117.35 would suggest a temporary top is made and risk stronger retracement to 117.00/05.

Data to be released on Tuesday:
Germany wholesale price index, ZEW current conditions, ZEW economic sentiment, U.K. average weekly earnings, employment change, ILO unemployment rate, claimant count, Swiss producer/import price, housing starts, France CPI, EU ZEW survey expectation, industrial production.
U.S. PPI, redbook, NY Fed manufacturing and Canada manufacturing sales.

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AceTraderFx Mar 16: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 16 Mar2022 09:30GMT

USD/JPY - 118.35
Although dollar's sharp retreat from yesterday's fresh 5-year top at 128.44 to 127.71 in Europe signals recent erratic upmove has made a temp. top there, subsequent strong rebound in tandem with U.S. yields and stocks in New York suggests consolidation with upside bias remains for re-test of 118.66 (2016 top) but loss of momentum would cap price at 119.00/05 and yield correction.

On the downside, only a daily close below 117.71 would risk stronger retracement to 117.30/35.

Data to be released on Wednesday:
New Zealand current account, Japan trade balance, imports, exports, industrial production, Australia Westpac leading index, China house prices.
Italy CPI.
U.S. MBA mortgage application, retail sales, imports prices, export prices, NAHB housing market index, business inventories, Fed interest rate decision, Canada wholesale trade and CPI.

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AceTraderFx Mar 17: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 17 Mar2022 09:30GMT

USD/JPY - 118.75
Although the greenback's retreat after yesterday's brief spike to a fresh 5-year peak at 119.12 in tandem with U.S. yields on expected Fed's rate hike signals consolidation is in store, reckon 118.40/45 would hold and yield another rise later, above said resistance would extend to 119.25 but 119.35/45 should hold.

On the downside, only a daily close below 118.18 would indicate a temporary top is made and risk stronger retracement to 117.90/00.

Data to be released on Thursday:
Swiss exports, imports, trade balance, EU HICP, U.K. BoE interest rate decision, asset purchase program, BoE QE total, BoE QE Corp bond purchases, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut.
U.S. Philly Fed manufacturing index, initial jobless claims, continuing jobless claims, housing starts, building permits, industrial production, capacity utilization and manufacturing output.

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AceTraderFx Mar 18: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Mar2022 09:30GMT

USD/JPY - 118.89
Although the greenback's retreat from Wed's fresh 5-year peak at 119.12 to 128.37 in New York yesterday on broad-based usd's weakness due to return of risk sentiment signals recent erratic upmove has made a temporary top there, intra-day rebound from 118.48 in Asia suggests consolidation with upside bias remains for re-test of said resistance, break would extend said rise to 119.25/35.

On the downside, only a daily close below 118.37 would risk stronger retracement towards 118.18, break, 117.71/75.

Data to be released on Friday:
Italy trade balance, EU labour costs, trade balance, Canada retail sales, new housing price index, U.S. leading index change and existing home sales.

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AceTraderFx Mar 21: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 21 Mar2022 09:30GMT

USD/JPY - 119.21
Dollar's rally above last Wed's 119.12 high to a 6-year peak at 119.39 in New York Friday on renewed usd's strength suggests recent erratic upmove would extend to 119.85 after consolidation, however, loss of momentum should cap price below 'psychological ' 120.00 handle and yield minor correction.

On the downside, only a daily close below 118.76 may signal a temporary top is in place and risk has increased for stronger retracement to 118.37/40 later.

Data to be released today:
U.K. Rightmove house price, Germany producer prices.
U.S. national activity on Monday.

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AceTraderFx Mar 22: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 22 Mar2022 09:30GMT

USD/JPY - 120.62
Dollar's rally above last Wednesday's 119.12 high to a 6-year peak at 119.39 in New York Fri on renewed usd's strength suggests recent erratic upmove would extend to 119.85 after consolidation, however, loss of momentum should cap price below 'psychological ' 120.00 handle and yield minor correction.

On the downside, only a daily close below 118.76 may signal a temporary top is in place and risk has increased for stronger retracement to 118.37/40 later.

Data to be released on Tuesday:
Australia Westpac consumer survey, EU current account, construction output.
U.K. PSNCR, PSNB.
Canada producer prices, U.S. redbook and Richmond Fed manufacturing.

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AceTraderFx Mar 23: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 23 Mar2022 09:30GMT

USD/JPY - 120.94
Dollar's rally above last Wed's 119.12 high to a 6-year peak at 119.39 in New York Fri on renewed usd's strength suggests recent erratic upmove would extend to 119.85 after consolidation, however, loss of momentum should cap price below 'psychological ' 120.00 handle and yield minor correction.

On the downside, only a daily close below 118.76 may signal a temporary top is in place and risk has increased for stronger retracement to 118.37/40 later.

Data to be released on Wednesday:
U.K. PPI output prices, input prices, RPI, CPI, DCLG house price index.
U.S. MBA mortgage application, building permits, new home sales and EU consumer confidence.

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AceTraderFx Mar 24: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 24 Mar2022 09:30GMT

USD/JPY - 121.51
The greenback's intra-day firm break above yesterday's fresh 6-year peak at 121.41 suggests Medium Term upmove remains in progress and further gain towards 122.00/10 would be seen after minor consolidation, however, loss of momentum would keep price below 122.40/50 and bring a much-needed correction later tomorrow or early next week.

On the downside, only below 120.60 would indicate a temporary top has been made and risk stronger retracement towards 120.20/30.

Data to be released on Thursday:
France business climate, Markit services PMI, Markit manufacturing PMI, Germany Markit services PMI, Markit manufacturing PMI, Swiss SNB interest rate decision, EU Markit services PMI, Markit manufacturing PMI, U.K. Markit services PMI, Markit manufacturing PMI.
U.S. continuing jobless claims, initial jobless claims, PCE prices, GDP, durables ex-defense, durables ex-transport, durable goods, current account, Markit services PMI, Markit manufacturing PMI and KC Fed manufacturing.

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AceTraderFx Mar 25: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 25 Mar2022 09:30GMT

USD/JPY - 121.60
The greenback's intra-day firm break above yesterday's fresh 6-year peak at 121.41 suggests Medium Term upmove remains in progress and further gain towards 122.00/10 would be seen after minor consolidation, however, loss of momentum would keep price below 122.40/50 and bring a much-needed correction later tomorrow or early next week.

On the downside, only below 120.60 would indicate a temporary top has been made and risk stronger retracement towards 120.20/30.

Data to be released on Friday :
U.K. Gfk consumer confidence, retail sales, Italy trade balance, business confidence, consumer confidence, Germany Ifo expectations, Ifo current conditions, Ifo business climate.
U.S. pending home sales, University of Michigan sentiment and Canada budget balance.

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AceTraderFx Mar 28: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 28 Mar2022 09:30GMT

USD/JPY - 123.94
The greenback's intra-day rally above Friday's fresh 6-year peak at 122.43 on BoJ's monetary easing suggests Medium Term upmove remains in progress and further gain towards 122.00/10 would be seen after minor consolidation, however, loss of momentum would keep price below 122.40/50 and bring a much-needed correction later tomorrow or early next week.

On the downside, only below 120.60 would indicate a temporary top has been made and risk stronger retracement towards 120.20/30.

Data to be released today:
U.S. wholesale inventories, goods trade balance and Dallas Fed manufacturing business index on Monday.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time update