AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

[acetraderfx]

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

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

USD/JPY - 109.52
Despite the greenback's erratic decline from March's 1-year peak at 110.96 to a 2-week bottom at 109.01 yesterday in tandem with falling U.S. yields, subsequent rebound suggests a temporary low has possibly been made and consolidation with upside bias remains for stronger retracement to 109.94/97, however, 110.38 (previous support) should remain intact and yield retreat early next week.

On the downside, only below 109.01 would revive bearishness for one more fall to 108.67/70 before prospect of correction due to loss of momentum.

Data to be released on Friday:
Swiss unemployment, Germany industrial output, exports, imports, trade balance, current account, France industrial output, UK house prices, Italy retail sales.
Canada employment change, unemployment rate, U.S. PPI, wholesale inventory and wholesale sales.

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[acetraderfx]

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

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

USD/JPY - 109.46
Despite the greenback's erratic decline from March's 1-year peak at 110.96 to a 2-week bottom at 109.01 Thursday in tandem with falling U.S. yields, subsequent rebound suggests a temporary low has possibly been made and consolidation with upside bias remains for stronger retracement to 110.10/15, however, 110.38 (previous support) should remain intact and yield retreat early next week.

On the downside, only below 109.01 would revive bearishness for one more fall to 108.67/70 before prospect of correction due to loss of momentum.

Later in New York session, we have Boston Fed's President Eric Rosengren scheduled to speak at 17:00 GMT.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Apr 2021 09:30GMT

USD/JPY - 108.97
Although the greenback's fall below last Thursday's 2-week bottom at 109.01 signals decline from March's 1-year peak at 110.96 has once again resumed and consolidation with downside bias remains for weakness to 108.67, reckon near term loss of momentum would keep price above 108.41 today and yield a much-needed correction later this week.

On the upside, only above 109.75/77 would indicate a temporary low has been made and risk a stronger retracement of aforesaid downtrend to res 109.95.

Data to be released on Wednesday :
Japan machinery orders, China exports, trade balance, Australia consumer sentiment, New Zealand RBNZ interest rate decision.
EU industrial production, U.S. MBA mortgage app, import prices, export prices.

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[Ken_T]

Can we expect further bear activity? Hope so

 

[acetraderfx]

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

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

USD/JPY - 108.74
Although the greenback's intra-day break below yesterday's near 3-week bottom at 108.76 signals decline from March's 1-year peak at 110.96 has once again resumed and consolidation with downside bias remains for weakness to 108.67, reckon near term loss of momentum would keep price above 108.41 today and yield a much-needed correction later this week.

On the upside, only above 109.75/77 would indicate a temporary low has been made and risk a stronger retracement of aforesaid downtrend to res 109.95

The U.S. will release a slew of eco. data later today (please refer to EI page for details) n pay attention to March retail sales, a stronger-than-expected number (forecast is 5.9% vs prev. reading of -3.0%) will lifted U.S. yields n in turn, the greenback. We have have a number of Fed officials scheduled to speak in New York session.

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[acetraderfx]

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

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

USD/JPY - 108.88
Although the greenback's break below Wednesday's near 3-week bottom at 108.76 to 108.62 yesterday signals decline from March's 1-year peak at 110.96 has once again resumed and consolidation with downside bias remains for marginal weakness, reckon near term loss of momentum would keep price above 108.41 today and yield a much-needed correction early next week.

On the upside, only above 109.25/30 would indicate a temporary low has been made and risk a stronger retracement of aforesaid downtrend to res 109.75/77.

T.G.I.F., U.S. will later release building permits , housing starts n University of Michigan consumer confidence. Dallas Fed President Kaplan will speak at 14:45GMT n then 16:30GMT.

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[acetraderfx]

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

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

USD/JPY - 108.04
The greenback's intra-day fall below last Thursday's 3-week trough at 108.62 signals decline from March's 1-year peak at 110.96 has once again resumed and downside bias remains for weakness to 107.77, however, oversold condition would prevent sharp fall below there and reckon support at 107.40/50 would remain intact and yield a much-needed correction later this week.

On the upside, only above 108.62 would indicate a temporary bottom has been made and risk stronger retracement to 108.96/00.

No eco. data is due out from the U.S. so traders need to take cue from intra-day movement in U.S. yields n U.S. stock futures.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Apr 2021 09:30GMT

USD/JPY - 108.49
The greenback's intra-day break below yesterday's 6-week trough at 108.02 signals decline from March's 1-year peak at 110.96 has once again resumed and downside bias remains for weakness to 107.77, however, over sold condition would prevent sharp fall below there and reckon support at 107.40/50 would remain intact and yield a much-needed correction later this week.

On the upside, only above 108.62 would indicate a temporary bottom has been made and risk stronger retracement to 108.96/00.

U.S. economic calendar is pretty light with 2nd-tier Redbook sales being the only data due out later today, so traders will take cue from intra-day move in benchmark U.S. 10-year yield and U.S. S&P 500 stock futures index.

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[acetraderfx]

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Apr 2021 09:30GMT

USD/JPY - 108.24
Despite dollar's resumption of decline from March's 1-year peak at 110.96 to a 6-week bottom of 107.88 at Asian open today, intra-day bounce in tandem with recovery in US yields suggests temporary low is possibly made and above 108.54/62 would bring stronger retracement to 108.80/85 but 109.09 should hold today, yield retreat.

On the downside, below 107.88 would risk marginal weakness to 107.77 before prospect of rebound due to loss of momentum.

U.S. economic calendar is very thin with 2nd-tier MBA mortgage applications being the only data out later today, therefore, traders will continue to take cue from intra-day moves in US yields n US stock futures as dlr rallied in tandem with intra-day bounce in US yields in Europe yesterday and later fell as US yields came off again on weakness in U.S. stocks.

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[acetraderfx]

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

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

USD/JPY - 108.05
Despite dollar's resumption of decline from March's 1-year peak at 110.96 to a fresh 6-week bottom of 107.82 in early European morning today, subsequent bounce in tandem with recovery in US yields suggests temporary low is possibly made and above 108.54/62 would bring stronger retracement to 108.80/85 but 109.09 should hold today, yield retreat.

On the downside, below 107.82 would risk marginal weakness to 107.77 before prospect of rebound due to loss of momentum.

Data to be released on Thursday :
Swiss trade balance, exports, imports, France business climate, Italy industrial sales, U.K. CBI trends orders, EU ECB refinancing rate, ECB deposit rate, consumer confidence.
U.S. initial jobless claims, continuous jobless claims, existing home sales, leading index change, KC Fed manufacturing , Canada new housing price index.

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