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AceTraderFx Jan 08: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK on Major
Update Time: 08 Jan 2019 09:30 GMT
USD/JPY - 108.92
Despite the greenback's 'flash crash' to a fresh 9-month trough at 104.79 last Thursday on active safe-haven jpy buying, subsequent strong rebound to 108.30, then 109.09 today suggests Medium Term decline from 2018 peak at 114.55 (October) has made a temporary low there and choppy trading with upside bias would be seen, however, near term loss of momentum would cap price below 109.45/50 and yield a much-needed correction.
On the downside, only below 107.52 would indicate aforesaid recovery has ended instead and risk stronger weakness towards 105.67 later this week.
On the data front, U.S. will release a slew of data starting with whole inventories, Redbook sales, JOLTS job openings, durable goods order, factory orders, new home sales n construction spending later.
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Update Time: 08 Jan 2019 09:30 GMT
USD/JPY - 108.92
Despite the greenback's 'flash crash' to a fresh 9-month trough at 104.79 last Thursday on active safe-haven jpy buying, subsequent strong rebound to 108.30, then 109.09 today suggests Medium Term decline from 2018 peak at 114.55 (October) has made a temporary low there and choppy trading with upside bias would be seen, however, near term loss of momentum would cap price below 109.45/50 and yield a much-needed correction.
On the downside, only below 107.52 would indicate aforesaid recovery has ended instead and risk stronger weakness towards 105.67 later this week.
On the data front, U.S. will release a slew of data starting with whole inventories, Redbook sales, JOLTS job openings, durable goods order, factory orders, new home sales n construction spending later.
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