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AceTraderFx May 10: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 10 May 2016 09:09 GMT
USD/JPY - 108.89
Despite last Tuesday's resumption of recent downtrend to a fresh 18-month trough at 105.55 in European session, subsequent strong rebound to 108.60 yesterday and intra-day breach of this level suggests a temporary bottom has been made and consolidation with upside bias would be seen for gain towards 109.10/20.
However, resistance at 109.46 would remain intact and bring another fall later.
On the downside, only below 106.13 would confirm aforesaid recovery has ended and turn outlook bearish for a re-test of 105.55, break would extend Medium Term downtrend to 105.05/10.
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
Update Time: 10 May 2016 09:09 GMT
USD/JPY - 108.89
Despite last Tuesday's resumption of recent downtrend to a fresh 18-month trough at 105.55 in European session, subsequent strong rebound to 108.60 yesterday and intra-day breach of this level suggests a temporary bottom has been made and consolidation with upside bias would be seen for gain towards 109.10/20.
However, resistance at 109.46 would remain intact and bring another fall later.
On the downside, only below 106.13 would confirm aforesaid recovery has ended and turn outlook bearish for a re-test of 105.55, break would extend Medium Term downtrend to 105.05/10.
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