AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 July 2022 09:30GMT

USD/JPY - 138.79
Despite dollar's impressive rally above Wed's 137.86 high to a fresh 24-year peak of 139.39 in Europe Thur, subsequent retreat to 138.61 and intra-day brief break there would bring stronger retracement to 138.25/30 before rebound but above 139.39 needed to head towards 139.75.

On the downside, only a daily close below 138.00 would risk further weakness towards 137.75, break would head to 137.50/52

Data to be released on Friday:
Germany wholesale price index, Italy CPI, EI trade balance.
US NY Fed manufacturing, import prices, export prices, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment and Canada wholesale sales.

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

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

USD/JPY - 137.97
Although dollar's erratic fall from Thursday's fresh 24-year peak at 139.39 to 139.40 in New York Friday on profit taking suggests long term upmove has made a temporary top there, reckon 137.86 (Wednesday) should hold and yield another rebound due to near term oversold condition but 139.12 (Friday top) may cap upside today.

On the downside, only a daily close below 137.60/70 would dampen bullishness and risk stronger retracement to 137.25/30.

Data to be released today:
Italy trade balance, Canada housing starts.
U.S. NAHB housing market index on Monday.

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

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

USD/JPY - 137.73
Dollar's decline from Thursday's fresh 24-year peak at 139.39 to as low as 137.90 in New York yesterday on broad-based usd's weakness due to return on risk sentiment and intra-day break there suggests long-overdue correction has taken place and further weakness to 137.50/55 cannot be ruled out before prospect of a strong rebound later.

On the upside, a daily close above 138.44 needed to revive bullishness for stronger gain to 138.80/90, break, 139.12, 139.39.

Data to be released on Tuesday:
U.K. Rightmove house price, claimant count, ILO unemployment rate, average weekly earnings, Swiss exports, imports, trade balance, EU construction output, HICP.
U.S. building permits, housing starts, redbook and New Zealand GDT price.

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

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

USD/JPY - 138.18
Although dollar's strong retreat from last Thursday's fresh 24-year top of 139.39 in tandem with U.S. yields to as low as 137.39 yesterday suggests temporary top is made, subsequent bounce to 138.24 (New York) signals 1st leg of correction over and above 138.44 would yield stronger gain to 138.70/80 but 139.12 should hold.

On the downside, only a daily close below 137.70/75 would risk stronger retracement of recent upmove towards 137.39, 137.11.

Data to be released on Wednesday:
U.K. CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, Germany producer prices, EU current account, consumer confidence.
U.S. MBA mortgage application, existing home sales, Canada CPI and producer prices.

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 July 2022 09:30GMT

USD/JPY - 138.60
Despite the greenback's resumption of decline from July's fresh 24-year peak at 139.39 to 137.39 on Tuesday, intra-day strong bounce from 138.00 in Asia as Bank of Japan maintained its easy policy signals a temporary low has possibly been made there and consolidation with upside bias remains for stronger retracement towards 138.80/90, reckon 139.12 may remain intact.

On the downside, only below 137.90/91 would indicate aforesaid recovery has ended instead and risk stronger weakness to 137.50/60.

Data to be released on Thursday :
U.K. PSNB, PSNCR, France business climate, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, Canada new housing price index and U.S. leading index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 July 2022 09:30GMT

USD/JPY - 137.62
Despite dollar's selloff from 138.87 and break of 137.39 support to as low as 137.31 in New York Thursday in tandem with US yields, then intra-day break there to 137.03 in Asia, intra-day rally suggests fall from July's fresh 24-year peak at 139.39 has made a low and above 138.00 would yield stronger gain to 138.35/39, 138.87.

On the downside, only a daily close below 137.03 would revive bearishness for one more fall to 136.70/75.

Data to be released on Friday:
U.K. Gfk consumer confidence, retail sales, Japan nationwide CPI, Jibun bank manufacturing PMI, Jibun bank services PMI, France S n P manufacturing PMI, S n P global services PMI, Germany S n P manufacturing PMI, S n P global services PMI, EU S n P manufacturing PMI, S n P global services PMI, U.K. S n P manufacturing PMI, S n P global services PMI.
Canada retail sales, U.S. S n P manufacturing PMI and S n P global services PMI.

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

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

USD/JPY - 136.38
Dollar's selloff in tandem with U.S. yields on Friday after rebound from 137.03 (AUS) to 137.95 and firm break of 137.03 suggests
erratic fall from July's 24-year peak at 139.39 would head to 135.45, however, oversold condition would keep price above 135.00/10 and yield rebound later.

On the upside, only a daily close above 136.61 would indicate aforesaid correction ended and risk stronger gain to 137.00/03.

Data to be released later today:
Germany Ifo business climate, Ifo current conditions, Ifo expectations, U.K. CBI trends orders, CBI business optimism.
U.S. national activity and Dallas Fed manufacturing business index on Monday.

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

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

USD/JPY - 136.53
Although dollar's strong rebound from Friday's 2-week bottom at 135.58 to as high as 136.78 ahead of New York open Monday on cross-selling in yen suggests decline from July's 24-year peak at 139.39 has made a temporary low, subsequent retreat has retained bearishness and below 135.85/90 would head back towards 135.58 again.

On the upside, only a daily close above 137.03 would signal 1st leg of correction over and risk stronger gain to 137.45/50

Data to be released on Tuesday:
U.K. CBI distributive trades.
U.S. building permits, redbook, monthly home price, consumer confidence, new homes sales and Richmond Fed manufacturing.

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

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

USD/JPY - 136.79
Although dollar's erratic rise from Friday's 2-week bottom at 135.58 to 136.97 in New York and intra-day break there suggests 1st leg of correction from July's fresh 24-year peak at 139.39 has ended, near term overbought condition would prevent strong gain and yield decline, below 136.29 would head to 135.80/90 before bounce.

On the upside, only a daily close above 137.39 would indicate aforesaid correction ended and risk stronger gain to 137.80/90 later.

Data to be released on Wednesday:
U.K. BRC shop price index, Germany Gfk consumer sentiment, France consumer confidence, Italy business confidence, consume confidence, Swiss investor sentiment.
U.S. MBA mortgage application, durable goods, durables ex-transport, durables ex-defense, goods trade balance, wholesale inventories, pending home sales and Fed interest rate decision.

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 July 2022 09:30GMT

USD/JPY - 135.42
Dollar's selloff on Wednesday from 137.46 to 136.33 in post -FOMC New York due to Fed Powell's less hawkish comments, then today's break of last Friday's 135.58 low to 135.11 confirms fall from July's fresh 24-year peak at 135.39 has resumed and would head towards 134.96 later.

On the upside, only a daily close above 136.05 would indicate aforesaid correction ended and yield stronger gain towards 136.33, break, 136.63.

Data to be released on Thursday:
France producer prices, Italy industrial sales, trade balance, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer sentiment, Germany CPI.
US GDP, PCE prices, initial jobless claims, continuing jobless claims, KC Fed manufacturing and Canada average weekly earnings.

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