AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

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

USD/JPY - 113.66
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 yesterday suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 113.20/22, however, near term loss of momentum would keep price above 113.00/05 and yield a much-needed rebound later this week.

On the upside, only above 114.69 would revive bullishness for one more rise towards 115.00/10 before correction occurs.

U.S. will release a slew of eco. data, please refer to our EI page for details n pay attention to GDP n PCE price plus weekly jobless claims at 12:30GMT.
Also keep an eye on U.S. yields as the pair fell after benchmark 10-year hit a 1-week low of 1.520% (cirac 1.5571%), further lower yields would pressure price lower.

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AceTraderFx Nov 01: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 01 Nov 2021 09:30GMT

USD/JPY - 114.41
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 last Friday, then 113.26 yesterday on downbeat US GDP data suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 112.70/80, however, near term loss of momentum would keep price above 112.40/50 and yield a much-needed rebound later this week.

On the upside, only above 114.31 would revive bullishness for one more rise towards 114.69, then 114.90/00 before correction occurs.

Data to be released today:
Australia AIG manufacturing index, manufacturing PMI, Japan Jibun bank manufacturing PMI, China Caixin manufacturing PMI.
Germany retail sales, Swiss manufacturing PMI, France Market Holiday, Italy Market Holiday, U.K. Markit manufacturing PMI.
Canada Markit manufacturing PMI, U.S. Markit manufacturing PMI, construction spending and ISM manufacturing PMI on Monday.

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AceTraderFx Nov 02: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 02 Nov 2021 09:30GMT

USD/JPY - 113.62
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 last Friday, then 113.26 yesterday on downbeat US GDP data suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 112.70/80, however, near term loss of momentum would keep price above 112.40/50 and yield a much-needed rebound later this week.

On the upside, only above 114.31 would revive bullishness for one more rise towards 114.69, then 114.90/00 before correction occurs.

The Fed starts its 2-day FOMC meeting today n the only U.S. eco. data due out is redbook retail sales.

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

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

USD/JPY - 113.87
Despite the greenback's retreat from 114.44 (Monday) to 113.47 in Europe yesterday, subsequent rebound on renewed usd's strength to 114.00 (AUS) today suggests further choppy trading above last Thursday's 2-week bottom at 113.26 would continue, above 114.13 would yield re-test of 114.44, break extends towards October's 3-year 114.69 peak.

On the downside, only below 113.47 risks weakness to 113.26 but 113.01/05 should hold.

On the data front, U.S. will releae a slew of data, please refer to our EI page for details, pay attention to US ADP payrolls, then Markit services PMI n duarbale goods order.

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

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

USD/JPY - 114.03
Despite dollar's retreat from 114.44 (Monday) to 113.47 Tuesday, subsequent rebound and then intra-day marginal gain above Wed's post-FOMC high at 114.21 on renewed usd's strength further choppy trading above last Thursday's 2-week 113.26 bottom would continue with upside bias, above 114.44 would bring re-test of 114.69, break, 115.00 later.

On the downside, only a daily close below 113.73 risks weakness to 113.40/47 but 113.26 should hold.

Ahead of Friday's key U.S. jobs report, we have a slew of eco. data later today, please refer to our EI page for details.
Pay attention to weekly jobless claims and labor costs at 12:30GMT, a better-than-expected reading will push US yields higher n in turn, usd/yen also.

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

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

USD/JPY - 113.78
Despite the greenback's retreat to 113.52 in New York yesterday, intra-day rebound to 113.86 suggests further choppy trading inside recent 114.69-113.26 range would continue ahead of today's U.S. jobs report release and above 114.00/05 may head to 114.27/31, however, said upper level would remain intact and yield pullback later.

On the downside, only a daily close below said 113.26 support would revive daily bearishness for weakness towards 113.01, then 112.70/80

Economic data to be released on Friday :
Australia AIG services index, Japan all household spending.
U.K. Halifax house prices, Germany industrial output, France industrial output, Italy retail sales, EU retail sales.
U.S. Non-Farm payrolls, private payrolls, unemployment rate, average earnings, Canada employment change, unemployment rate and Ivey PMI.

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AceTraderFx Nov 08: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 08 Nov 2021 09:30GMT

USD/JPY - 113.51
Despite the greenback's retreat to 113.52 in New York yesterday, intra-day rebound to 113.86 suggests further choppy trading inside recent 114.69-113.26 range would continue ahead of today's U.S. jobs report release and above 114.00/05 may head to 114.27/31, however, said upper level would remain intact and yield pullback later.

On the downside, only a daily close below said 113.26 support would revive daily bearishness for weakness towards 113.01, then 112.70/80.

Data to be released today:
Japan coincident index, leading indicators, machine tool orders.
Swiss unemployment rate and EU Sentix index on Monday.

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

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

USD/JPY - 112.86
The greenback's fall below previous support at 113.26 to 113.09 yesterday on dollar's broad-based weakness and intra-day break below there suggests decline from October's 3-year peak at 114.69 remains in progress and further weakness towards 112.30/40 would be seen. However, oversold condition would keep price above 112.00/10 and yield a much-needed correction.

On the upside, only above 113.31 would indicate a temporary bottom has been made and risk stronger retracement to 113.66/70 later this week.

On the data front, U.S. will release core PPI n PPI at 13:30GMT plus redbook retail sales. We have a number of Fed officials scheduled to speak, please refer to our EI page for details. Fed chair J. Powell will give pre-recorded opening remarks before virtual Conference on Diversity and Inclusing in Economics, Finance and Central Banking co-hosted by the Federal Reserve Board, Bank of Canada, Bank of England, and European Central Bank at 14:00GMT.

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AceTraderFx Nov 10: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time:10 Nov 2021 09:30GMT

USD/JPY - 113.09
Despite yesterday's resumption of recent erratic decline from Oct's 3-year peak at 114.69 to a 4-week trough of 112.73, subsequent bounce to 112.11 (New York), then intra-day brief break above there on rally in U.S. yields suggests temporary low is made and consolidation with upside bias is seen for a long-overdue retracement towards 113.66 objective.

Only below 112.73 risks marginal weakness, however, loss of momentum would limit downside to 112.45/50.

U.S. will release a slew of eco. data later today, please refer to our EI page for details.
Although market is paying attention to U.S. CPI n core CPI at 13:30GMT, a higher-than-expected reading may give the buck a temporary lift, as Fed's J. Powell has repeatedly said recent rising trend in inflation is 'transitory', only consistent upbeat U.S. jobs report would push the Fed to start hiking rates early next year.

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AceTraderFx Nov 11: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time:11 Nov 2021 09:30GMT

USD/JPY - 114.07
The greenback's rally on Wednesday to 114.01 on upbeat U.S. inflation data together with rising U.S. Treasury yields and intra-day break above there confirms correction from October's 3-year peak at 114.69 has ended at 112.73 on Tuesday and consolidation with upside bias remains for gain to 114.44/50, then bring re-test of said top.

On the downside, only below 113.66 would dampen daily bullishness and risk stronger retracement to 113.40/50.

No U.S. economic data is due out as U.S. markets and Canada are closed for Veterans Day and Remembrance Day holiday respectively. So one may expect intra-day trading to quieten down after European midday.

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