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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.
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
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.
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