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AceTraderFx Mar 04: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 04 Mar 2020 09:30GMT
USD/JPY - 107.35
Yesterday's break of Monday's low at 107.00 to 106.94 in New York due to surprise 50 b.p rate cut by the Fed, then to a 4-1/2 month bottom at 106.86 in Australia today confirms recent decline has resumed, subsequent rebound may head back to 108.00/06 before prospect of another fall, however, reckon 106.49 would remain intact.
On the upside, only above 108.06 would risk stronger retracement to 108.53/57.
Pay attention to the release of US ADP employment at 13:15GMT and ISM non-manufacturing PMI at 15:00GMT. Street forecasts are 170k n 54.9, down from previous readings of 291k and 55.5 respectively.
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Update Time: 04 Mar 2020 09:30GMT
USD/JPY - 107.35
Yesterday's break of Monday's low at 107.00 to 106.94 in New York due to surprise 50 b.p rate cut by the Fed, then to a 4-1/2 month bottom at 106.86 in Australia today confirms recent decline has resumed, subsequent rebound may head back to 108.00/06 before prospect of another fall, however, reckon 106.49 would remain intact.
On the upside, only above 108.06 would risk stronger retracement to 108.53/57.
Pay attention to the release of US ADP employment at 13:15GMT and ISM non-manufacturing PMI at 15:00GMT. Street forecasts are 170k n 54.9, down from previous readings of 291k and 55.5 respectively.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates