AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Feb 03: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 03 Feb 2020 09:30GMT

USD/JPY - 108.61
Although dollar's intra-day rebound on short covering following resumption of recent decline from January's 110.28 peak to a 3-week trough at 108.32 (New York) on Friday suggests suggests temporary low is made and range trading is in store before prospect of further weakness, 'loss of momentum' should keep price above 107.90.

Only above 108.95/00 would risk stronger retracement to 109.15/25 before retreat.

Data to be released later today:
Swiss manufacturing PMI, Italy Markit manufacturing PMI, France Markit manufacturing PMI, Germany Markit manufacturing PMI, EU Markit manufacturing PMI, UK Markit manufacturing PMI.
Canada Markit manufacturing PMI, and U.S. Markit manufacturing PMI, construction spending, ISM manufacturing PMI on Monday.

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AceTraderFx Feb 04: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 04 Feb 2020 09:30GMT

USD/JPY - 109.04
Despite dollar's resumption of recent decline from Jan's 7-1/2 month peak at 110.28 to a 3-week bottom at 108.32 last Friday, subsequent rebound to 108.79 yesterday, then higher today suggests temporary trough made, however, 109.26/27 should remain intact and yield another fall later.

On the downside, below 108.56 (Asian low) would bring re-test of 108.32, where break would extend to 108.01/05.

U.S. will later release Redbook sales, ISM NY index, durable goods order n factory orders.

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AceTraderFx Feb 05: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 05 Feb 2020 09:30GMT


USD/JPY - 109.35
Dollar's rally from 108.56 in Asia to as high as 109.54 in New York yesterday suggests recent decline from Jan's 7-1/-2 month peak at 110.28 has made a temporary bottom at last Fri's 3-week trough of 108.32 and intra-day retreat would bring range trading before prospect of another rise, however, reckon 110.00/09 should hold.

On the downside, only below 108.95/00 would risk stronger retracement to 108.80/85, then 108.56.

U.S. President Trump is due to deliver his annual State of the Union address at 02:00GMT which is likely to be usd/yen positive.
Later, U.S. will release a slew of eco. data (see our EI section for details), pay attention to ADP private payrolls at 13:15GMT.

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AceTraderFx Feb 06: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 06 Feb 2020 09:30GMT

USD/JPY - 109.92
Despite dollar's resumption of decline from Jan's 7-1/2 month peak at 110.28 to a 3-week low at 108.32 last Friday, subsequent rally to 109.54 (now support) on Tuesday, then 109.98 in Asia today suggests correction has ended and above said resistant would extend medium term upmove from 2019 33-month trough at 104.46 to 110.67, however, 111.00/05 should remain intact.

On the downside, only below 109.54 would risk stronger retracement to 109.26/31.

U.S. will later release initially weekly jobless claims, labor costs and productivity.
Also, we have Dallas Fed President Kapan (FOMC voter) speaking at an economic forum in Dallas at 14:15GMT.

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AceTraderFx Feb 07: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 07 Feb 2020 09:30GMT

USD/JPY - 109.92
Dollar's resumption of recent upmove from last Friday's 3-week bottom at 108.32 to 110.02 in Australia today suggests re-test of Jan's 7-1/2 month peak of 110.28 would be seen after consolidation, break would extend medium term rise from August's 33-month trough at 104.46 to 110.67 before prospect of retreat due to loss of momentum.

On the downside, only below 109.54 would indicate temporary top made and risk weakness to 109.26/31.

Data to be released later today:
UK Halifax house prices, Germany industrial output, exports, imports, trade balance, current account, France current account, industrial output, non-farm payrolls, trade balance, imports, exports, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, and Canada employment change, unemployment rate, Ivey PMI.

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AceTraderFx Feb 11: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 11 Feb 2020 09:30GMT

USD/JPY - 109.91
Despite dollar's retreat from Friday's high at 110.02 (Australia) to 109.54 in New York, subsequent rebound to 109.93 today suggests correction has ended and consolidation with upside bias remains for re-test of 110.02, break would extend recent upmove from 108.32 towards Jan's 7-1/2 month peak at 110.28.

On the downside, only below 109.26/31 would risk stronger retracement to 108.98/00.

There is no euro area eco. data due out today, however, the European Commission will publish its eco. growth forecasts at 10:00GMT. A number of ECB officials are schedued to speak, pay attention to ECB President's speech at 14:00GMT n then ECB Chief Economist Lane at 17:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Feb 2020 09:30GMT

USD/JPY - 109.88
Dollar's sideways swings following retreat from last Friday's 2-week high at 110.02 to 109.54 suggests temporary top is in place and consolidation with near term downside bias would be seen, however, reckon said support would remain intact and yield another rise, above 110.02 would bring re-test of Jan's 7-1/2 month peak at 110.28.

On the downside, only below 109.50/54 would risk stronger retracement to 109.26/31, then 108.98/00.

Data to be released later:
EU industrial production, and U.S. MBA mortgage applications, Federal budget.

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Feb 2020 09:30GMT

USD/JPY - 109.78
Despite yesterday's brief break above last Friday's 110.02 high to a 3-week peak at 110.13 (Europe), intra-day retreat from 110.09 in Australia on risk aversion suggests choppy trading below January's 7-1/2 month top at 110.28 would continue, however, reckon 109.54/57 would remain intact and yield rebound.

On the downside, only below 109.26/31 would indicate a temporary top has been made and risk stronger retracement to 109.00/05.

U.S. will later release key inflation data which include Jan CPI, core CPI, real weekly earnings n weekly jobless claims. We also have a number of Fed officials scheduled to speak (please refer to our EI section for details).

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2020 09:30GMT

USD/JPY - 109.77
Dollar's retreat from Wednesday's 3-week high at 110.13 to 109.63 yesterday suggests choppy trading below January's 7-1/2 month top at 110.28 would continue, however, subsequent rebound signals pullback has possibly ended, above 110.13 would confirm and yield 110.28 again, break would extend gain to 110.60/67 before prospect of correction.

On the downside, only below 109.57/47 would risk stronger retracement to 109.26/31.

Data to be released later:
Germany GDP, wholesale price index, Swiss producer/import price, Italy trade balance, EU employment change, trade balance, GDP.
U.S. import prices, retail sales ex-autos, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment.

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

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

USD/JPY - 109.87
Despite dollar's retreat from last Wednesday's 3-week high at 110.13 to 109.63 on Thursday, subsequent rebound to 109.90 (Friday) suggests pullback has ended and consolidation with upside bias remains, above 110.13 would bring re-test of Jan's 7-1/2 month 110.28 peak, where break would extend medium term upmove to 110.60/67 before prospect of correction.

On the downside, only below 109.54 would risk stronger retracement to 109.26/31, then 108.98.

EU will release its construction output at 10:00GMT. Elsewhere, ECB President Christine Lagarde and board member Fabio Panetta will participate in a Eurogroup meeting in Brussels.

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