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AceTraderFx Nov 01: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 01 Nov 2018 09:30 GMT
USD/JPY - 112.84
Despite the greenback's selloff to a fresh 5-week trough at 111.38 last Friday, subsequent rally to 112.56 yesterday and intra-day break of this resistance suggests decline from October's near 11-month peak at 114.55 has made a temporary low there and choppy trading with upside bias would be seen for a stronger retracement.
However, 112.97 (50% r) should remain intact and yield retreat later.
On the downside, only below 112.19 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness towards 111.63/65.
Data to be released later on Thursday :
Swiss consumer confidence, CPI, manufacturing PMI, UK Markit manufacturing PMI, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, BoE QE total, BoE QE corporate bond purchases.
Canada Markit manufacturing PMI, and U.S. initial jobless claims, labor costs, productivity, Markit manufacturing PMI, construction spending, ISM manufacturing PMI.
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Update Time: 01 Nov 2018 09:30 GMT
USD/JPY - 112.84
Despite the greenback's selloff to a fresh 5-week trough at 111.38 last Friday, subsequent rally to 112.56 yesterday and intra-day break of this resistance suggests decline from October's near 11-month peak at 114.55 has made a temporary low there and choppy trading with upside bias would be seen for a stronger retracement.
However, 112.97 (50% r) should remain intact and yield retreat later.
On the downside, only below 112.19 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness towards 111.63/65.
Data to be released later on Thursday :
Swiss consumer confidence, CPI, manufacturing PMI, UK Markit manufacturing PMI, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, BoE QE total, BoE QE corporate bond purchases.
Canada Markit manufacturing PMI, and U.S. initial jobless claims, labor costs, productivity, Markit manufacturing PMI, construction spending, ISM manufacturing PMI.
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