AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Apr 23: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 23 Apr 2021 09:30GMT

USD/JPY - 107.90
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 yesterday, 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 Friday :
U.K. Gfk consumer confidence, PSNB GBP, PSNCR GBP, retail sales, markit manufacturing PMI, markit services PMI, France markit manufacturing PMI, markit services PMI, consumer confidence, Germany markit manufacturing PMI, markit services PMI, EU markit manufacturing PMI, markit services PMI.
U.S. building permits, markit manufacturing PMI, markit services PMI, new homes sales.

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Apr 2021 09:30GMT

USD/JPY - 107.72
Despite dollar's resumption of decline from March's 1-year peak at 110.96 to a fresh 6-week bottom of 107.49 in at New York open on Friday, 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 107.49 would risk marginal weakness to 107.77 before prospect of rebound due to loss of momentum.

Data to be released later today:
Germany Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. durable goods, durables ex-transport, durables ex-defence, Dallas Fed manufacturing index on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Apr 2021 09:30GMT

USD/JPY - 108.34
Despite dollar's resumption of decline from March's 1-year peak at 110.96 to a fresh 6-week bottom of 107.49 in at New York open on Friday, subsequent bounce to 108.19 yesterday, then 108.38 today 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 107.49 would risk marginal weakness to 107.77 before prospect of rebound due to loss of momentum.

Data to be released on Tuesday :
Italy business confidence, consumer confidence, trade balance, U.K. CBI distributive trades.
U.S. redbook, monthly home price, consumer confidence, Richmond Fed manufacturing.

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 Apr 2021 09:30GMT

USD/JPY - 108.98
Dollar's rally from last Friday's 6-week low at 107.49 to 108.77 yesterday, then intra-day break there on rise in U.S. yields suggests decline from March's 1-year 110.96 peak has made a temporary bottom and stronger retracement to 109.70/75 would be seen after consolidation before prospect of retreat due to overbought condition.

On the downside, only below 108.50/54 indicates top made and risks weakness to 108.38/42, then 108.19, however, reckon 107.91/95 should hold.

Data to be released on Wednesday :
U.K. BRC shop price index, Japan retail sales, Australia CPI, Germany Gfk consumer sentiment, France consumer confidence, Swiss investor sentiment.
U.S. MBA mortgage application, trade balance, wholesale inventories, Fed interest rate decision, Canada retail sales.

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AceTraderFx Apr 29: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 29 Apr 2021 09:30GMT

USD/JPY - 108.90
Despite yesterday's retreat from a near 2-week high at 109.07 to 108.58 in post-FOMC New York, then 108.44 at Asian open today, intra-day rise in tandem with U.S. yields suggests pullback has ended and upmove from April's 6-week 107.49 trough would head to 109.20/25 after consolidation, however, reckon 109.75/77 should cap upside today.

On the downside, only below 108.38/44 would risk weakness to 108.08, then possibly 107.91/95.

Financial markets in Japan are closed for Showa Day holiday, the first of 4 days of Golden Week holiday (next is Monday). U.S. will release a slew of eco. data, pay attention to Q1 GDP, PCE (Fed's preferred inflation gauge) and jobless claims.
Also, we have Fed officials Quarles and Williams speaking at 15:00GMT n 18:00GMT respectively.

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AceTraderFx Apr 30: Daily Recommendations on Major –USD/JPY

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

USD/JPY - 108.86
The greenback's break above Wednesday's high at 109.07 to a 2-week peak at 109.22 yesterday on rally in U.S. yields suggests upmove from last Friday's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.59 would be seen after consolidation, however, loss of momentum would keep price below 109.90/00 and yield correction early next week.

On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.

T.G.I.F., U.S. will release a slew of eco. data on the last trading day in Apr, pls refer to our EI page for details. Pay attention to PCE index (Fed's preferred inflation gauge) n later Chicago PMI n then University of Michigan consumer confidence. Dallas Fed President Kaplan will speak at 13:45GMT.

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AceTraderFx May 03: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 03 May 2021 09:30GMT

USD/JPY - 109.67
The greenback's break above Friday's high at 109.27 to a 2-week peak at 109.67 today on usd's continued strength suggests upmove from last Friday's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.95/00 would be seen after consolidation, however, loss of momentum would keep price below 110.20/25 and yield correction early next week.

On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.

The U.S. will later release a slew of eco. data, please refer to our EI page for details n pay attention to Markit mfp index n ISM mfg PMI. We also have New York Fed Williams n last but not least, Fed chief's J. Powell speaking at 18:10GMT n 18:20GMT respectively.

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AceTraderFx May 04: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 04 May 2021 09:30GMT

USD/JPY - 109.37
The greenback's break above Friday's high at 109.27 to a 2-week peak at 109.69 yesterday on usd's continued strength suggests upmove from last Friday's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.95/00 would be seen after consolidation, however, loss of momentum would keep price below 110.20/25 and yield correction early next week.

On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.

U.S. will later release a slew of eco. data later today, please refer to our EI page for details n pay attention to Mar durable goods n factory orders at 14:00GMT. Dallas n Minneapolis Fed Presidents are scheduled to speak at 17:00GMT, then later San Franciso Fed President Daly.

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AceTraderFx May 05: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 05 May 2021 09:30GMT

USD/JPY - 109.36
The greenback's break above Friday's high at 109.27 to a 2-week peak at 109.69 on Monday on usd's continued strength suggests upmove from last April's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.95/00 would be seen after consolidation, however, loss of momentum would keep price below 110.20/25 and yield correction early next week.

On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.

Data to be released on Wednesday :
Australia AIG construction index, services PMI, building permits, New Zealand unemployment rate, employment change, labour cost.
Swiss CPI, Italy markit services PMI, France markit services PMI, Germany markit services PMI, EU markit services PMI, producer prices.
U.S. MBA mortgage app, ADP employment change, markit services PMI, ISM non-manufacturing PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 06 May 2021 09:30GMT

USD/JPY - 109.35
The greenback's sideways move after Monday's break above last Friday's high at 109.27 to a 2-week peak at 109.69 suggests upmove from last April's 6-week bottom at 107.49 to retrace decline from March's 1-year peak at 110.96 remains in progress and further gain to 109.95/00 would be seen after consolidation, however, loss of momentum would keep price below 110.20/25 and yield correction early next week.

On the downside, only below 108.44 would indicate a temporary top has been made and risk stronger retracement to 108.08/10 before prospect of a rebound.

Data to be released on Thursday :
New Zealand building permits, ANZ business confidence, ANZ activity outlook.
Germany industrial orders, U.K. markit services PMI, BOE interest rate decision, asset purchase program, BOE QE total, BOE QE corporate bond purchases, BoE MPC ote hike, BoE MPC vote unchanged, BoE MPC vote cut, EU retail sales.
U.S. initial jobless claims, continuous jobless claims, labour costs, productivity.

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