AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 May 2022 09:30GMT

USD/JPY - 129.41
Despite dollar's erratic fall from last Monday's fresh 20-year peak at 131.34 in tandem with U.S. yields to as low as 127.53 Thursday, subsequent strong rise to 129.45 Friday, then Mon's break there to 129.63 suggests 1st leg of correction over but above needed to yield stronger gain towards 129.88 after consolidation, reckon 130.05/10 should hold and yield retreat.

On the downside, only a daily close below 128.71 would signal aforesaid recovery over and yield weakness towards 128.36.

Data to be released on Tuesday:
France ILO unemployment rate, U,K. Claimant count, ILO unemployment rate, employment change, average weekly earnings, Italy trade balance, CPI, EU employment, GDP.
U.S. retail sales, redbook, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index and New Zealand GDT price index.


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

DAILY MARKET OUTLOOK on Major
Update Time: 18 May 2022 09:30GMT

USD/JPY - 129.17
Despite dollar's erratic fall from last Monday's fresh 20-year peak at 131.34 in tandem with U.S. yields to as low as 127.53 Thursday, subsequent strong rise to 129.45 Friday, then Monday's break there to 129.63 suggests 1st leg of correction over but above needed to yield stronger gain towards 129.88 after consolidation, reckon 130.05/10 should hold and yield retreat.

On the downside, only a daily close below 128.71 would signal aforesaid recovery over and yield weakness towards 128.36.

Data to be released on Wednesday:
U.K. CPI, RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price, EU HICP.
U.S. MBA mortgage application, building permits, housing starts and Canada CPI.

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AceTraderFx May 19: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 May 2022 09:30GMT

USD/JPY - 127.97
Dollar's selloff from 129.77 (Tuesday) to 128.02 in New York on Wednesday on safe-haven yen buying and fall in US yields due to US stock market rout suggests recovery from last Thursday's 2-week bottom at 127.53 has ended and despite intra-day strong rebound to 128.94 in Asia, present sharp retreat in European morning has retained bearishness and below 127.53 would extend decline from May's 20-year peak at 131.34 towards 126.96 later.

On the upside, only a daily close above 128.94 would prolong choppy swings and risk stronger retracement towards 129.34.

Data to be released on Thursday:
EU current account, construction orders.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, existing home sales, leading index, Canada new housing price index and producer prices.

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AceTraderFx May 20: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 20 May 2022 09:30GMT

USD/JPY - 127.98
Although dollar's rebound after yesterday's selloff below 128.02 to a 3-week bottom at 127.04 in New York on broad-based usd's retreat in tandem with U.S. yields suggests decline from May's fresh 20-year 131.34 peak has made a temporary low there, intra-day retreat from 128.21 in Asia suggests consolidation with mild downside bias remains and below 127.53 would re-test 127.04, break would extend said fall to 126.80 later.

On the upside, only a daily close above 128.21 would bring stronger retracement to 128.68 but 128.94 may hold.

Data to be released on Friday:
U.K. Gfk consumer confidence, PSNB, retail sales, Germany producer prices and Swiss industrial production.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 May 2022 09:30GMT

USD/JPY - 127.56
Dollar's intra-day strong rebound from 127.16 in Asia on news of possible lifting of US tariff on China suggests further choppy trading above last Thur's 3-week bottom at 127.04 would continue with mild upside bias but above 128.29 needed to head back towards 128.68.

On the downside, only a daily close below 127.04 would extend fall from May's fresh near 20-year 131.34 peak to 126.75/85 before recovery later.

Data to be released later :
Germany Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. national activity index and Canada Market Holiday on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 May 2022 09:30GMT

USD/JPY - 127.38
Dollar's selloff to last Thur's 3-week bottom at 127.04 suggests a long-awaited correction of recent uptrend has occured and despite intra-day recovery to 128.08 in Asia, subsequent retreat signals consolidation with downside bias remains for re-test of said support, break would extend said decline to 126.70/80.

On the upside, only a daily close above 128.29 would indicate aforesaid pullback over and risk stronger gain to 128.65/68.

Data to be released on Tuesday:
U.K. Rightmove house price, PSNB, PSNCR, S&P Global manufacturing PMI, S&P Global services PMI, CBI distributive trade, France business climate, S&P Global manufacturing PMI, S&P Global services PMI, Germany S&P Global manufacturing PMI, S&P Global services PMI, EU S&P Global manufacturing PMI, S&P Global services PMI.
U.S. building permits, redbook, S&P Global manufacturing PMI, S&P Global services PMI , new home sales and Richmond Fed manufacturing.

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 May 2022 09:30GMT

USD/JPY - 127.04
Dollar's selloff to last Thur's 3-week bottom at 127.04 suggests a long-awaited correction of recent uptrend has occured and despite intra-day recovery to 128.08 in Asia, subsequent retreat signals consolidation with downside bias remains for re-test of said support, break would extend said decline to 126.70/80.

On the upside, only a daily close above 128.29 would indicate aforesaid pullback over and risk stronger gain to 128.65/68.

Data to be released on Wednesday:
Germany GDP, Gfk consumer confidence, France consumer confidence, Swiss investor sentiment, U.S. mortgage application, durable goods, durables ex-transport and durables ex-defense.


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AceTraderFx May 26: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2022 09:30GMT

USD/JPY - 126.78
Dollar's intra-day selloff from 127.58 on hawkish comments from BoJ's Kuroda in Europe suggests correction from Tuesday's 1-month bottom at 126.37 has possibly ended there and below would extend decline from May's 20-year peak at 131.34 to 126.10/20 before prospect of recovery tomorrow.

On the upside, only a daily close above 121.10/20 would signal aforesaid pullback over and risk stronger gain towards 127.58.

Data to be released on Thursday:
Germany Market Holiday, France Market Holiday, Swiss Market Holiday, Italy business confidence, consumer confidence, industrial sales.
U.S. GDP, PCE prices, initial jobless claims, continuing jobless claims, pending home sales, KC Fed manufacturing, Canada retail sales and average weekly earnings.

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AceTraderFx May 27: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 27 May 2022 09:30GMT

USD/JPY - 127.10
Despite dollar's sharp fall from 157.58 to as low as 126.56 in Europe Thursday on hawkish comments from BOJ's Kuroda, subsequent strong rebound suggests further choppy trading above Tue's 1-month bottom at 126.37 would continue and above 157.58 would bring stronger retracement of decline from May's 20-year 131.34 peak towards 128.08.

On the downside, a daily close below 126.56 needed for re-test of 126.37, break would head to 126.10/20 before recovery.

Data to be released on Friday:
U.S. personal income, personal spending, PCE price index, goods trade balance, wholesale inventories, University of Michigan sentiment and Canada budget balance.

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AceTraderFx May 30: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 30 May 2022 09:30GMT

USD/JPY - 127.35
Although dollar's rebound to 127.58 (Thursday) after last week's resumption of decline to a 1-month bottom at 126.37 in New York Tuesday suggests further choppy sideways swings would continue, as long as 127.58 holds, bearishness remains for prospect of another fall, below 126.37 would extend towards 126.01 later.

On the upside, only a daily close above 127.58 would yield stronger gain towards 127.67 but 128.08 should cap upside.

Data to be released later today :
Germany import prices, Swiss non-farm payrolls, KOF indicator, Italy producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI, HICP, Canada current account.
U.S. Market Holiday on Monday.

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