AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Feb 12: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 12 Feb 2019 09:30 GMT

USD/JPY - 110.55
Dollar's rally and subsequent break of last Monday's 110.16 high to a 5-week high of 110.46 yesterday, then intra-day gain to 110.65 in Asia suggests recent upmove from January's 9-month trough of 104.79 remains in progress and above 110.82 res would extend rise towards 111.10 before prospect of retreat due to loss of momentum.

On the downside, only below 110.09/16 would indicate temporary top is made and risk weakness to 109.76/80.

Data out on Tuesday :
New Zealand retail sales, Australia NAB business conditions, NAB business confidence, Japan tertiary industry index, machine tool orders, and U.S. JOLTS job openings.

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AceTraderFx Feb 13: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 13 Feb 2019 09:30 GMT

USD/JPY - 110.75
Intra-day break of yesterday's 6-week high at 110.65 suggests recent upmove from January's 9-month trough of 104.79 remains in progress and further gain towards 111.10 would be seen but loss of momentum should cap price below 111.38/45 and yield correction.

Only below 110.16 would indicate temporary top made, risk weakness to 109.76/80 before prospect of rebound.

Data to release on Wednesday :
Australia Westpac consumer survey, Japan corp goods price, New Zealand RBNZ interest rate decision.
UK CPI, RPI, PPI input, PPI output, EU industrial production.
U.S. CPI, real weekly earnings, Federal budget.

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AceTraderFx Feb 14: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2019 09:30 GMT

USD/JPY - 111.09
The greenback's break of yesterday's 6-week peak at 111.06 on Trump's extension for China tariffs deadline to 111.13 suggests erratic upmove from January's 9-month trough at 104.79 remains in progress and further gain towards 111.40 would be seen, however, over bought condition would keep price below resistance at 111.72 and yield correction.

On the downside, only below 110.65 (previous resistance, now support) would indicate a temporary top has been made and risk stronger retracement to 110.35.

Data to be released later :
France ILO unemployment rate, Germany GDP, wholesale price index, Swiss producer/import price, EU employment change, GDP.
U.S. initial jobless claims, PPI, retail sales, business inventories, and Canada manufacturing sales, new housing price index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2019 09:30GMT

USD/JPY - 110.58
Although price has recovered after dollar's selloff from last Thursday's 6-week peak at 111.13 to 110.26 Friday and minor consolidation would be seen, as said move signals upmove from January's 9-month trough at 104.79 has made a temporary top there, reckon 110.69 (50% r) would limit upside and yield another fall later this week, below 110.26 would extend towards 109.90/00.

On the upside, only above 110.80 (61.8% r) would indicate aforesaid pullback has ended instead and risk re-test of 111.13 later this week.

Data out today:
Japan machinery orders, UK Rightmove house prices, Canada and U.S. market holiday on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2019 09:30 GMT

USD/JPY - 110.67
Dollar's selloff from last Thursday's 6-week high at 111.13 to 110.26 Friday suggests recent upmove from January's 9-month trough of 104.79 has made a temporary top there, subsequent rebound to 110.65, then intra-day brief break of said res to 110.71 on Bank of Japan Governor Kuroda's dovish comments would bring range trading with mild upside bias but 110.82/87 should hold and yield retreat.

On the downside, below 110.46 (Asia) would bring re-test of 110.26, where break would extend to 109.85/90.

As there is no major eco. data due today, focus remains on Cleveland Fed President Loretta Mester's speech on economic outlook and monetary policy in Newark at 13:50GMT.

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AceTraderFx Feb 20: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 20 Feb 2019 09:30 GMT

USD/JPY - 110.87
Dollar's intra-day break of Tuesday's high at 110.82 to 110.95 in Europe on cross-selling in yen suggests pullback from last Thursday's 6-week high of 111.13 has ended at 110.26 on Friday and further gain towards 111.40 would be seen but loss of upward momentum should cap price below 111.72, yield retreat.

On the downside, only below 110.46/50 would risk re-test of 110.26, break would extend fall to 109.90/95.

BoJ's Governor Kuroda comments yesterday pressured the yen lower across the board and he is set to speak again in the Japanese Parliament at 05:30GMT. Traders should expect more yen jawboning after today's weak Japan exports data.

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AceTraderFx Feb 21: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 21 Feb 2019 09:30 GMT

USD/JPY - 110.77
Although dollar's rise from last Friday's 110.26 low to 110.95 yesterday suggests pullback from February's 6-week high of 111.13 has ended, subsequent retreat to 110.59 in Asian morning today suggests range trading would be seen before upmove from January's 9-month trough of 104.79 resumes and extend towards 111.40/45.

On the downside, only below 110.46 would prolong choppy trading and risk weakness to 110.26, then 109.90/00.

Data due out later on Thursday :
Germany CPI, HICP, Markit manufacturing PMI, Markit services PMI, France business climate, CPI, Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, UK PSNB, PSNCR, Italy CPI, Canada wholesale trade, ADP employment change.
U.S. durable goods, durables ex-transport, ex-defense, initial jobless claims, Philadelphia Fed survey, Markit manufacturing PMI, Markit services PMI, existing home sales, leading indicator.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Feb 2019 09:30 GMT

USD/JPY - 110.74
Although dollar’s rise from last Friday’s 110.26 low to 110.95 Wednesday suggests correction from February’s 6-week top of 111.13 has ended, subsequent retreat to 110.57 yesterday would bring range trading before upmove from January’s 9-month trough of 104.79 heads to 111.40/45.

On the downside, only below 110.46 would risk weakness towards 110.26, break would extend to 109.90/00.

T.G.I.F., although no U.S. eco. data is due out today, we have many Fed official scheduled to speak during New York session (please refer to our EI section for details).

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Feb 2019 09:30 GMT

USD/JPY - 110.65
Dollar's initial rise to 110.86 at Asian open due to weekend positive U.S.-China trade talk news then retreat to 110.58 on renewed concerns over talks suggests further choppy trading inside recent 111.13-110.26 range would continue, subsequent rebound has retained bullishness and above 110.95 would bring re-test of Feb's 6-week high of 111.13, break, 111.40/45.

On the downside, only below 110.46 would risk weakness towards 110.26 before prospect of rebound.

Data out today:
Japan coincident index, leading economic index, and U.S. Chicago national activity index, wholesale sales, Dallas Fed manufacturing business index on Monday.

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AceTraderFx Feb 26: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 26 Feb 2019 09:30 GMT

USD/JPY - 110.84
Despite dollar's resumption of upmove from January's 9-month trough of 104.79 to a near 2-month high of 111.23 in New York yesterday, subsequent strong retreat suggests temporary top made and stronger retracement towards 110.46 would be seen, break would extend to 110.26 but 110.00/10 should remain intact, yield rebound.

On the upside, only above 111.23 would risk marginal gain towards 111.40 before prospect of correction.

Mkt focus is now on Fed Chairman Powell's testimony before the Senate Banking Committee at 15:00GMT. In the wake of recent weaker-than-expected U.S. eco. data, traders are looking for hints on whether then central bank will consider any rate hikes this year, and if so, how many.

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