AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Mar 2021 09:30GMT

USD/JPY - 108.65
Despite the greenback's break above Monday's 7-month peak 108.94 to 109.23 in Asia on usd's continued strength, subsequent sharp retreat in tandem with U.S. yields suggests upmove from January's 9-1/2 month bottom at 102.60 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 108.10, however, support at 107.83 should remain intact, yield rebound later.

On the upside, only above 109.23 would revive bullishness for gain to 109.50/60 but loss of momentum would cap price below 109.90/00.

Data to be released on Tuesday :
UK BRC retail sales, Australia NAB business conditions, NAB business confidence, France non-farm payrolls, Germany exports, imports, trade balance, current account, Italy industrial output, EU employment change, GDP.
Canada leading index and U.S. redbook.

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Mar 2021 09:30GMT

USD/JPY - 108.81
Despite the greenback's rise to a fresh 7-month peak at 109.23 in Asia yesterday on usd's continued strength, subsequent sharp retreat in tandem with U.S. yields suggests upmove from January's 9-1/2 month bottom at 102.60 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 108.10, however, support at 107.83 should remain intact, yield rebound later.

On the upside, only above 109.23 would revive bullishness for gain to 109.50/60 but loss of momentum would cap price below 109.90/00.

U.S. will later release a slew of eco. data, pay attention to core CPI n CPI at 13:30GMT.

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AceTraderFx Mar 11: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 11 Mar 2021 09:30GMT

USD/JPY - 108.50
Despite the greenback's rise to a fresh 7-month peak at 109.23 on Tuesday due to usd's continued strength, subsequent sharp retreat to 108.35 yesterday in tandem with U.S. yields suggests upmove from January's 9-1/2 month bottom at 102.60 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 108.10, however, support at 107.83 should remain intact, yield rebound later.

On the upside, only above 109.23 would revive bullishness for gain to 109.50/60 but loss of momentum would cap price below 109.90/00.

Eco. calendar in the U.S. is pretty light (see our EI page for details) but do pay attention to release of weekly jobless claims and continued jobless claims to feel the pulse of latest U.S. employment situation.

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AceTraderFx Mar 12: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 12 Mar 2021 09:30GMT

USD/JPY - 109.09
Despite the greenback's selloff from Tuesday's fresh 7-month peak at 109.23 to 108.35 on Wednesday due to broad-based weakness in usd, intra-day rally on jump in U.S. Treasury yields suggests the pullback has ended and consolidation with upside bias remains for a re-test of aforesaid top, break would extend Medium Term upmove to 109.60/70 before prospect of correction.

On the downside, only below 108.35 would indicate a temporary top has been made and risk stronger retracement to 108.10 would be seen

T.G.I.F., U.S. will release PPI, core PPI n then University of Michigan consumer confidence at 13:30GMT n 15:00GMT respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Mar 2021 09:30GMT

USD/JPY - 109.04
The greenback's intra-day break above last Tuesday's 9-month peak at 109.23 to 109.36 in Asia on rising U.S. yields suggests upmove from January's 9-1/2 month bottom at 102.60 has once again resumed and consolidation with upside bias remains for further gain to daily objective at 109.60, however, loss of momentum would keep price below 109.90/00 and yield correction later.

On the downside, only below 108.35 would indicate a temporary top has been made and risk stronger retracement to 108.00/10 later.

U.S. has moved to summer time on Sunday and the only eco. data due out today is New York Fed mfg index due out at 12:30GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 16 Mar 2021 09:30GMT

USD/JPY - 109.22
The greenback's break above last Tuesday's 9-month peak at 109.23 to 109.36 in Asia yesterday on rising U.S. yields suggests upmove from January's 9-1/2 month bottom at 102.60 has once again resumed and consolidation with upside bias remains for further gain to daily objective at 109.60, however, loss of momentum would keep price below 109.90/00 and yield correction later.

On the downside, only below 108.35 would indicate a temporary top has been made and risk stronger retracement to 108.00/10 later.

Data to be released on Tuesday :
Germany wholesale price index, ZEW economic sentiment, ZEW current conditions, France CPI (EU norm), CPI, Italy CPI, CPI (EU norm), EU ZEW survey expectation.
U.S. import prices, export prices, retail sales, retail sales ex-autos, industrial production, capacity utilization, manufacturing output, redbook, business inventories, NAHB housing market index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Mar 2021 09:30GMT

USD/JPY - 109.15
Although dollar's retreat from Monday's fresh 9-month high at 109.36 suggests recent upmove has made a temporary top, yesterday's rebound from 108.78 to 109.20 at European open today suggests pullback has ended and marginal gain would be seen after consolidation, however, loss of momentum should cap price below 109.84 today.

On the downside, only below 108.78 would risk stronger retracement to 108.35/37 before another bounce.

Data to be released on Wednesday :
New Zealand current account, Japan exports, imports, trade balance, Australia leading index.
EU construction output, HICP, core HICP.
U.S. MBA mortgage applications, building permits, housing starts, Fed interest rate decision, and Canada CPI, core CPI on Wednesday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Mar 2021 09:30GMT

USD/JPY - 109.06
Despite the greenback's rebound to 108.32 yesterday, subsequent sharp retreat in post-FOMC trading on usd's broad-based weakness to 108.75, then 108.63 today suggests choppy trading below March's 9-month peak at 109.36 would continue with mild downside bias and weakness to 108.50 would be seen after consolidation, however, near term loss of momentum would keep price above 108.35.

On the upside, only above 109.36 would revive bullishness for one more rise to 109.62/65 before prospect of a correction early next week.

Data to be released on Thursday :
New Zealand GDP, Australia employment change, unemployment rate.
Swiss trade balance, exports, imports, producer and import price, Italy trade balance, EU trade balance, labour costs, UK BoE interest rate decision, asset purchase program, BoE QE total, BoE QE corporate bond purchases, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut.
U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, leading index change, and Canada ADP employment change, new housing price index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Mar 2021 09:30GMT

USD/JPY - 108.83
Despite the greenback's rebound from 108.63 to 109.30 yesterday, intra-day fall on active cross-buying in jpy suggests choppy trading below March's 9-month peak at 109.36 would continue with mild downside bias and weakness to 108.50 would be seen after consolidation, however, near term loss of momentum would keep price above 108.35.

On the upside, only above 109.36 would revive bullishness for one more rise to 109.62/65 before prospect of a correction early next week.

T.G.I.F., no economic data is due out today and market will take cue from intra-day move in the 10-year US yields as well as U.S. stock performance, any further weakness in the Dow will push the greenback higher.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Mar 2021 09:30GMT

USD/JPY - 108.68
The greenback's intra-day gap-down open to 108.53 in New Zealand on risk-averse buying in jpy due to a selloff in Turkish lira suggests recent upmove has made a temporary top at March's 9-month peak at 109.36 last week and consolidation with downside bias remains for stronger retracement to 108.35, however, support at 108.10 should remain intact and yield rebound later.

On the upside, only above 109.12 would indicate aforesaid correction has ended instead and risk re-test of said resistance later this week.

U.S. will release Chicago Fed national activity index n existing home sales. We have Fed Chair J. Powell (topic is on digital innovation) plus a number of Fed officials schedule to speak later today, please refer to our EI page for details.

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