AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx May 31: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 31 May 2022 09:30GMT

USD/JPY - 127.73
Despite dollar's intra-day rally above 127.82 (Mon) to 127.33 in Asia on active selling in yen, subsequent retreat in European morning in tandem with U.S. yields suggests recovery from May's 1-month bottom at 126.37 has ended there and below 127.58 would yield further weakness to 127.20/25 later.

On the upside, above 128.00 would indicate pullback over and re-test of 128.33 would be seen, but break needed for further gain to 128.50/55, 128.86.

Data to be released on Tuesday :
U.K. nationwide house price, Swiss exports, imports, trade balance, retail sales, GDP, France consumer spending, GDP, CPI, producer prices, Germany unemployment rate, unemployment change, Italy GDP, CPI, EU HICP, Canada GDP.
U.S. monthly home price, Chicago PMI, consumer confidence and Dallas Fed manufacturing business index.

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AceTraderFx Jun 01: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 01 Jun 2022 09:30GMT

USD/JPY - 129.46
Dollar's rally above 127.82 (Mon) to 128.88 in New York Tuesday in tandem with US yields and intra-day break there suggests decline from May's 20-year peak at 131.34 has ended at 126.37 (Tuesday) and further gain towards 129.44 is envisaged but 129.77 should remain intact initially.

On the downside, only a daily close below 128.78/88 would indicate temporary top made and risk weakness towards 128.33.

Data to be released on Wednesday:
U.K. BRC shop price index, S&P Global manufacturing PMI, Japan business capex, Jibun bank manufacturing PMI, China Caixin manufacturing PMI, Germany retail sales, S&P Global manufacturing PMI, France budget balance, S&P Global manufacturing PMI, Swiss manufacturing PMI, Italy S&P Global manufacturing PMI, unemployment rate, EU S&P Global manufacturing PMI, unemployment rate.
U.S. mortgage application, ADP employment change, redbook, S&P Global manufacturing PMI, construction spending, ISM manufacturing PMI, JOLTS job openings, Canada BOC rate decision and S&P Global manufacturing PMI.

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AceTraderFx Jun 02: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jun 2022 09:30GMT

USD/JPY - 129.93
Dollar's rally above 128.88 (Tue) to as high as 130.18 in New York Wednesday on usd's strength due to rally in U.S. yields and intra-day break there suggests correction from May's 20-year peak at 131.34 has ended at 126.37 (Tue) and present retreat would yield consolidation before prospect of another rise towards 130.40 later.

On the downside, only a daily close below 129.77 may indicate a temporary top made and risk stronger retracement to 129.21/25 before rebound.

Data to be released on Thursday:
Swiss CPI, U.K. Market Holiday, Italy Market Holiday, EU producer prices.
Canada building permits, U.S. initial jobless claims, continuing jobless claims, labor costs, productivity, durables ex-defense, durables goods, durable ex-transport and factory orders.

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AceTraderFx Jun 06: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 06 Jun 2022 09:30GMT

USD/JPY - 130.70
Dollar's rally to a 1-month peak at 130.98 in tandem with U.S. yields in post-NFP New York Friday, then to 130.99 in Australia today suggests upmove from May's 1-month bottom at 126.37 would yield re-test of May's 20-year peak at 131.34 after consolidation but above needed to extend towards 131.79 before retreat.

On the downside, only a daily close below 130.23 would signal temporary top made and risk stronger retracement to 130.00/04.

Data to be released today:
France Market Holiday, Germany Market Holiday and Swiss Market Holiday on Monday.

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AceTraderFx Jun 07: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 07 Jun 2022 09:30GMT

USD/JPY - 132.62
Dollar's rally above May's 131.34 top to a fresh 20-year peak at 132.01 in New York Monday in tandem with U.S. yields and intra-day firm break there suggests long term uptrend has once again resumed, above 132.99 would extend towards 133.40 but 133.79 should cap upside and yield a much-needed correction due to overbought condition.

On the downside, only a daily close below 132.01 would indicate a temporary top is in place and risk stronger retracement towards 131.34.

Data to be released on Tuesday:
U.K. BRC retail sales, S&P Global services PMI, Germany industrial orders, EU sentix index.
U.S. trade balance, redbook, Canada trade balance, imports, exports, Ivey PMI and New Zealand GDT price.


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AceTraderFx Jun 08: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 08 Jun 2022 09:30GMT

USD/JPY - 133.77
Dollar's intra-day rally above Tue's fresh 20-year peak at 132.99 on continued selling in yen suggests long term upmove remains in force and marginal gain would be seen, reckon 133.80/90 would limit upside today and yield a much-needed correction due to near term loss of momentum.

On the downside, only a daily close below 132.33 would indicate temporary top made and risk stronger retracement towards 132.01.

Data to be released on Wednesday:
Swiss unemployment rate, U.K. Halifax house prices, S&P construction PMI, Germany industrial output, France trade balance, imports, exports, Italy retail sales, EU employment, GDU.
U.S. MBA mortgage application, wholesale inventories and wholesale sales.

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AceTraderFx Jun 09: Daily Recommendations on Major –USD/JPY

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

USD/JPY - 133.54
Despite dollar's resumption of uptrend to a fresh 20-year peak at 134.55 at Tokyo open today, subsequent retreat in tandem with U.S. yields in Europe suggests temporary top is made and 1-2 days of consolidation would be seen before marginal gain to 134.82/87 later.

On the downside, only below 133.20/25 would dampen bullishness and yield stronger retracement to 132.95/99.

Data to be released on Thursday:
U.K. RICS housing price balance, France non-farm payrolls, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claim and continuing jobless claims.

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AceTraderFx Jun 10: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 10 Jun 2022 09:30GMT

USD/JPY - 133.71
Despite dollar's sharp fall from Thursday's fresh 20-year peak at 134.55 to as low as 133.19 in Europe, subsequent strong rebound to 133.44 on broad-based usd's strength and intra-day retreat suggests further choppy sideways swings in in store and above said resistance would extend long term upmove towards 2002 high at 135.20, break, 135.73 next week.

On the downside, only a daily close below 133.19 would indicate a temporary top is in place and risk stronger retracement to 132.85/95.

Data to be released on Friday:
Italy industrial sales, U.K. consumer inflation.
U.S. CPI, University of Michigan sentiment, Federal budget, Canada capacity, employment change and unemployment rate.

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AceTraderFx Jun 13: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 13 Jun 2022 09:30GMT

USD/JPY - 134.50
Despite dollar's intra-day rally above last Thursday's fresh 20-year peak at 134.55 to 135.22 in Asia on follow-through buying due to Friday's broad-based gain in usd on red hot U.S. inflation, subsequent retreat signals a temporary top is in place and consolidation is seen before prospect of another rise later.

On the downside, only a daily close below 133.90/00 would risk further weakness to 133.37, 133.19.

Data to be released today:
UK GDP, trade balance, construction, manufacturing output, industrial output, NISER GDP.
Canada leading index on Monday.

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AceTraderFx Jun 14: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 14 Jun 2022 09:30GMT

USD/JPY - 134.32
Although usd's rally to a 24-year peak at 135.22 in Asia Monday and subsequent strong retreat to 133.60 in New York on active yen buying suggests long term uptrend has made a temporary top there, intra-day rebound from 133.88 on news of BOJ bond buying programme suggests consolidation with mild upside bias remains but above 134.81 needed for re-test of 135.22 .

On the downside, only a daily close below 133.60 would risk stronger retracement towards 133.19, break, 132.99.

Data to be released on Tuesday:
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany CPI, ZEW economic sentiment, ZEW economic conditions, EU ZEW survey expectations.
Canada manufacturing sales, U.S. PPI and redbook.

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