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AceTraderFx May 18: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 18 May 201709:16 GMT
USD/JPY - 110.84
The greenback's sharp selloff yesterday and subsequent break of Monday's low at 113.13 to 110.53 today signals decline from last Wednesday's 8-week peak at 114.37 remains in progress and consolidation with downside bias remains for weakness towards 110.20/30.
However, near term loss of momentum would prevent sharp move beyond there and risk would increase of a much-needed rebound later.
On the upside, only above 112.55 would indicate the first leg of correction has ended and turn outlook bullish for gain to 113.15 but resistance at 113.85 should remain intact, bring retreat.
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Update Time: 18 May 201709:16 GMT
USD/JPY - 110.84
The greenback's sharp selloff yesterday and subsequent break of Monday's low at 113.13 to 110.53 today signals decline from last Wednesday's 8-week peak at 114.37 remains in progress and consolidation with downside bias remains for weakness towards 110.20/30.
However, near term loss of momentum would prevent sharp move beyond there and risk would increase of a much-needed rebound later.
On the upside, only above 112.55 would indicate the first leg of correction has ended and turn outlook bullish for gain to 113.15 but resistance at 113.85 should remain intact, bring retreat.
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