AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Jan 2020 09:30GMT

USD/JPY - 109.91
Dollar's rally above Dec's 109.72 high to 109.94 on Monday, then to a 7-1/2 month peak at 110.20 at Asian open yesterday suggests medium upmove from Aug's 33-month trough at 104.46 has resumed and subsequent retreat would bring consolidation before prospect of another rise, above 110.20 would extend to 110.50/60.

On the downside, only below 109.72 signals temporary top is in place and risks weakness to 109.44, break, 109.24.

On the data front, U.S. will release MBA mortgage applications at 12:00 GMT, followed by NY Fed manufacturing index, PPI, core PPI at 13:30 GMT. We also have two Fed officials due to speak later in New York session, please refer to our EI page for more details. Also, the United States and China phase one trade deal signing ceremony will take place at 16:30 GMT at the White House.

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

DAILY MARKET OUTLOOK on Major
Update Time: 16 Jan 2020 09:30GMT

USD/JPY - 109.96
Despite dollar's retreat from Tuesday's 7-1/2 month 110.20 peak to 109.79 in New York yesterday, subsequent rebound to 110.00 (Reuters) suggests correction has possibly ended and re-test of said resistance would be seen after consolidation, break would extend medium term upmove from 2019 trough at 104.46 (Aug) to 110.67 but 111.00/05 should cap upside.

On the downside, only below 109.72 signals temporary top made and risks stronger retracement towards 109.40/44.

On the data front, U.S. will release a slew of data in New York session, please refer to our EI page for details, however, market focus is on retail sales for December. Also, we have Federal Reserve Board Governor Michelle Bowman scheduled to speak at 15:00 GMT.

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AceTraderFx Jan 17: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 17 Jan 2020 09:30GMT

USD/JPY - 110.21
Dollar's break above Tue's 110.20 high to a fresh 7-1/2 month peak of 110.28 in Asia today confirms medium term upmove from Aug's 33-month trough at 104.46 has once again resumed and would head towards 110.67 after consolidation, however, reckon 111.00/05 would remain intact and yield correction.

On the downside, below 109.72/79 signals temporary top made and risks stronger retracement to 109.44/50.

Data to be released later:
Swiss producer/import price, France budget balance, Italy trade balance, global trade balance, CPI, CPI (EU norm), EU current account, construction output, HICP, HICP core, UK retail sales, retail sales ex-fuel.
U.S. building permit, housing starts, industrial production, capacity utilization, manufacturing output, JOLTS job openings, University of Michigan sentiment.

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Jan 2020 09:30GMT

USD/JPY - 110.12
Dollar's retreat to 110.05 in New Zealand today suggests medium upmove from August's 33-month trough at 104.46 has made a temporary top at Friday's fresh 7-1/2 month 110.28 peak and range trading would be seen before said rise resumes and head towards 110.67 but 111.05 should cap upside due to loss of momentum.

On the downside, only below 109.94 would risk weakness to 109.79 would risk stronger retarcement to 109.44/48.

U.S. markets are closed today for Martin Luther King Jr. Day holiday, hence no data will be out.

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Jan 2020 09:30GMT

USD/JPY - 109.94
Dollar's retreat to 109.90 in Asia today after resumption of medium term upmove from Aug's 33-month trough at 104.46 to a fresh 7-1/2 month's 110.28 peak last Friday signals temporary top made and consolidation with mild downside bias would be seen, however, reckon 109.44 would remain intact.

Above 110.28 would extend said rise towards 110.67 before prospect of correction due to loss of momentum.

Data to be released later:
France business climate, UK ILO unemployment rate, employment change, average weekly earnings, claimant count, Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
Canada manufacturing sales, U.S. redbook, and New Zealand GDT price index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Jan 2020 09:30GMT

USD/JPY - 109.58
Despite dollar's resumption of medium term upmove from August's 33-month trough at 104.46 to a fresh 7-1/2 month peak at 110.28 last Friday, subsequent fall to 109.77 on Tuesday, then 109.51 in Asia today on active safe-haven yen buying suggests temporary top is in place and price would head to 109.44, then 109.00/10 after consolidation.

On the upside, only above 109.77 signals correction ended and risks gain to 110.09/11, then 110.28.

Data to be released later:
EU ECB interest rate decision, ECB deposit rate decision, consumer confidence.
U.S. initial jobless claims, leading index, KC Fed manufacturing index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Jan 2020 09:30GMT

USD/JPY - 109.57
Although dollar has recovered after yesterday's resumption of recent decline from last Friday's 7-1/2 month peak at 110.28 to a near 2-week bottom at 109.27 (NY), as long as 109.65 (European high) holds, consolidation with downside bias remains, below 109.27 would extend weakness to 109.00/05.

On the upside, only above 109.77 would risk gain to 110.09/11, then possibly 110.28.

On the data front, U.S. will release Markit manufacturing PMI and Markit services PMI at 14:45 GMT.

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

DAILY MARKET OUTLOOK on Major

Update Time: 29 Jan 2020 09:30GMT

USD/JPY - 109.06
Although dollar has rebounded after Monday's resumption of recent decline from January's fresh 7-1/2 month peak at 110.28 to a 2-week low at 108.74, intra-day retreat from 109.26 in Australia suggests recovery has ended possibly ended and downside bias remains for re-test of 108.74, where break would extend weakness to 108.40/50.

On the upside, only above 109.44 may risk stronger retracement to 109.65/75.

On the data front, U.S. will release MBA mortgage applications at 12:00 GMT, then wholesale inventories, and trade balance at 13:30 GMT, followed by pending home sales at 15:00 GMT. Today's focus will be on the Federal Reserve's rate decision at 19:00 GMT. Although it is widely expected that the central bank will keep its rate unchanged at 1.75%, one should pay attention to Chairman J. Powell's press conference at 19:30GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 30 Jan 2020 09:30GMT

USD/JPY - 108.85
Despite the greenback's rebound from Monday's 2-week trough at 108.74 to 109.27 in Australia yesterday, subsequent retreat suggests the recovery has ended and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from January's fresh 7-1/2 month peak at 110.28 to 108.44/50 later before prospect of a correction early next week.

On the upside, only above 109.27 would indicate a temporary bottom has been made and risk would increase for a stronger retracement to 109.60/65.

Data to be released later:
Swiss KOF indicator, Germany unemployment change, unemployment rate, CPI, HICP, Italy unemployment rate, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, unemployment rate, UK BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest rate decision, BoE QE total, BoE QE corporate bond purchases.
U.S. GDP, PCE prices, initial jobless claims, and Canada average weekly earnings.

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AceTraderFx Jan 31: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 31 Jan 2020 09:30GMT

USD/JPY - 109.05
Dollar's rebound from Thur's 3-week trough at 108.59 (NY) suggests recent decline from January's 4-1/2 month peak at 110.28 has made a temporary low and consolidation is in store, reckon 109.26/27 res would cap upside and yield decline.

Below 108.59 would extend marginal weakness, however, loss of downward momentum should keep price above 108.25.
Only a daily close above 109.30 risks stronger retracement to 109.65/75.

T.G.I.F., U.S. will release personal income, personal spending, PCE deflator, MNI Chicago PMI and University of Micghigan consumer confidence.

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