AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Oct 15: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 15 Oct 2018 09:30 GMT

USD/JPY - 111.68
The greenback's intra-day break of last Thursday's 3-week trough at 111.84 signals decline from October's 11-month peak at 114.55 has once again resumed and further weakness towards 111.40/50 would be seen after consolidation, however, over sold condition would keep price above support at 111.12 and yield a much-needed correction later this week.

On the upside, only above 112.54 would indicate a temporary low has been made and risk would increase for a much-needed retracement to 112.83 (previous support, now resistance), then 113.20/30 before down.

Data coming out later:
UK Rightmove house price, Japan industrial production, capacity utilization, Swiss producer/import price, Italy budget deadline, and U.S. New York Fed manufacturing index, retail sales, business inventories on Monday.

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AceTraderFx Oct 16: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 16 Oct 2018 10:00 GMT

USD/JPY - 112.12
The greenback's intra-day break of last Thursday's 3-week trough at 111.84 signals decline from October's 11-month peak at 114.55 has once again resumed and further weakness towards 111.40/50 would be seen after consolidation, however, over sold condition would keep price above support at 111.12 and yield a much-needed correction later this week.

On the upside, only above 112.54 would indicate a temporary low has been made and risk would increase for a much-needed retracement to 112.83 (previous support, now resistance), then 113.20/30 before down.

On the eco. data front, U.S. will release a slew of data starting with Q3 PCE, Redbook sales, industrial production, capacity utilization, mfg output, JOLTS job openings and NAHB housing market index.
Then later at 20:15GMT, S. Francisco Fed Preisent Daly (voter) will give a lecture at Wellesley College in Massachusetts.

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AceTraderFx Oct 18: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Oct 2018 09:30 GMT

USD/JPY - 112.57
Despite the greenback's initial fall to 111.63 on Monday, subsequent rally to 112.73 today suggests decline from October's 11-month peak at 114.55 has made a temporary low there and choppy trading with mild upside bias would be seen for retracement towards 113.09/10.
However, near term loss of momentum would keep price below 113.39/40 and yield retreat early next week.

On the downside, only below 112.02 would indicate aforesaid recovery has ended instead and turn outlook bearish for a re-test of 111.63, break, 111.30/40 later.

On the data front, U.S. will release weekly jobless claims, Philly Fed survey n leading indicator. St. Lousis Fed President Bullard (non-voter) will speak at 13:15GMT and Fed Gov. Quarles (voter) will speak in New York at 16:15GMT.

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AceTraderFx Oct 19: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 Oct 2018 09:30 GMT

USD/JPY - 112.43
Despite the greenback's initial fall to 111.63 on Monday, subsequent rally to 112.73 yesterday suggests decline from October's 11-month peak at 114.55 has made a temporary low there and choppy trading with mild upside bias would be seen for retracement towards 113.09/10, however, near term loss of momentum would keep price below 113.39/40 and yield retreat early next week.

On the downside, only below 112.02 would indicate aforesaid recovery has ended instead and turn outlook bearish for a re-test of 111.63, break, 111.30/40 later.

Data to be released later on Friday:
EU current account, UK PSNB, PSNCR, Canada CPI, retail sales, and U.S. existing home sales.

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AceTraderFx Oct 22: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 22 Oct 2018 09:30 GMT

USD/JPY - 112.73
Although dlr's intra-day cross-inspired brief break above 112.73 res confirms recent decline from October's 114.55 peak has made a temporary low last week at 111.63 (Monday) and as long as 112.35 hold, gain to 113.05/10 is likely, o/bot condition should cap price at 113.29/29 and yield decline later this week.

Below 112.35 signals said correction from 111.63 has ended and risks weakness to 11.96/00.

U.S. eco. calendar is very light today with Chicago National Activity index for September being the only data due out, so traders are expected to take cue from intra-day movement in U.S. stocks.

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AceTraderFx Oct 23: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 23 Oct 201809:30 GMT

USD/JPY - 112.31
Despite dollar's resumption of upmove from last Monday's 1-month trough at 111.63 to 112.89 yesterday, subsequent retreat and intra-day fall due to safe-haven yen buying on selloff in Asian equities suggests recovery has ended and downside bias remains for weakness towards 111.96, break would extend decline for re-test of 111.63 but 111.38/43 should hold.

On the upside, only above 112.89 would revive bullishness for gain towards 113.05/10, then 113.29/39.

Data to be released later on Tuesday :
Germany PPI, UK CBI orders, U.S. redbook, national activity index and EU consumer confidence.

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AceTraderFx Oct 24: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 24 Oct 2018 09:30 GMT

USD/JPY - 112.55
Dollar's rebound from yesterday's trough at 111.95 in New York on rebound in U.S. equities suggests further choppy trading above Oct's 1-month low at 111.63 would continue with upside bias, however, loss of momentum should keep price below 113.29/39 and yield subsequent retreat.

On the downside, only below 111.95 would risk re-test of 111.63 but 111.09/12 should hold.

U.S. will release a slew of eco. data starting with MBA mortgage applications, building permits, monthly home price, Markit mfg OMI, new home sales and then Fed's beige book.
We also have a no. of Fed officials delivering speeches in New York session (please refer to our EI section for details).

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AceTraderFx Oct 25: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 25 Oct 2018 09:30 GMT

USD/JPY - 112.30
Despite dollar's selloff yesterday to 111.82 today, subsequent rebound suggests further choppy trading above October's low at 111.63 would continue with mild upside bias and marginal gain can't be ruled out.
However, as broad-outlook remains consolidative, reckon resistance at 112.74 should remain intact and yield another fall towards said support, break would extend decline from 114.55 to 111.12/15 later.

On the upside, only above 112.74 would dampen daily bearishness and risk gain towards 112.89 but above is needed to yield stronger retracement of aforesaid fall to 113.10/20.

Data to be released later on Thursday :
Germany Ifo business climate, Ifo current conditions, Ifo expectations, EU ECB rate decision, ECB deposit rate decision.
U.S. jobless claims, durable goods, trade balance, wholesale inventories, pending home sales, KC Fed manufacturing index.

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AceTraderFx Oct 29: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 29 Oct 2018 09:30 GMT

USD/JPY - 111.96
Although price has recovered after last Friday's fall below October's low at 111.63 to 111.38 and minor consolidation would be seen initially, as said move signals decline from October's 4-month peak at 114.55 has once again resumed, downside bias is retained and below said support would extend towards 111.10/12.
However, over sold condition would keep price above 110.80/90 and yield a much-needed correction later this week.

On the upside, only above 112.19 would indicate a temporary low has been made and turn outlook bullish for a stronger retracement towards 112.40/50.

Data to be released later today:
UK CBI distributive trades, budget report, and U.S. personal income, personal spending, PCE price index, Dallas Fed manufacturing business index.

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AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates

 

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AceTraderFx Oct 30: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 30 Oct 2018 10:00 GMT

USD/JPY - 112.82
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 :
France GDP, consumer spending, Swiss KOF indicator, German unemployment change, CPI, HICP, Italy GDP, business confidence, consumer confidence, EU GDP, business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, UK CBI Distributive Trades.
U.S. redbook, CS home price, consumer confidence.

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