AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

AceTraderFx Apr 08: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 08 Apr 2020 09:30GMT

USD/JPY - 108.81
Dollar's rally from last Wed's near 2-week bottom at 106.93 to 109.37 on Monday suggests decline from March's 1-month peak at 111.71 has made a temporary low and as price has rebounded after weakening to 108.51 in Asia today, consolidation with upside bias remains for gain to 109.70/71 before prospect of retreat.

On the downside, only below 108.44/51 would risk stronger retracement to 108.18/21.

ON the data front, although the only data due out from the U.S. is MBA mortgage applications, pay attention to release of FOMC minutes which may shed some more light on last month's emergency meeting and rate cut in the aftermath of COVID-19 pandemic which hit U.S. economy and sent millions out of work abruptly.

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AceTraderFx Apr 09: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 09 Apr 2020 09:30GMT

USD/JPY - 108.92
Although dollar's retreat from this week's high at 109.37 (Monday) to 108.51 yesterday suggests near term upmove from April's 106.93 low has made a temporary top, subsequent rebound to 109.09 on Wednesday would bring choppy sideways swings before extending gain to 109.67/71, reckon 110.09 should hold.

On the downside, only below 108.51 would risk stronger retracement to 108.18/20.

Thank God its Thursday as tomorrow is Easter Friday and then Easter Monday, a long holiday weekend for many centres. However, European n North American traders will await release of U.S. weekly jobless claims following last week's blowout reading of 6.648 million of first time unemployment claims, street forecast ranges from 2.5-7.5 million, a reading closer to the upper range may lead to safe-haven usd buying.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 14 Apr 2020 09:30GMT

USD/JPY - 107.68
Despite dollar's resumption of upmove from April's 106.93 low to 109.37 last Monday, subsequent retreat to 108.22 Thursday, then yesterday's selloff to 107.51 suggests correction has ended and re-test of 106.93 would be seen after consolidation, break would extend decline from March's 111.71 peak towards 106.76 before prospect of rebound.

On the upside, only above 108.22 would prolong choppy trading and risks retracement to 108.51/52.

No eco. data is due out from the euro area countries. We have ECB President Lagarde n ECB's Panetta participating G& FinMin and cenbank governors meeting in Germany via video conference later in the day.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 15 Apr 2020 09:30GMT

USD/JPY - 107.37
Despite dollar's resumption of decline from last Monday's 109.37 to 106.94 in Asia today, subsequent rebound in Europe on renewed usd's strength suggests choppy trading above April's 106.93 bottom would continue and stronger retracement to 107.70/75 is likely before prospect of another fall, below 106.93 needed to extend downtrend from March's 111.71 peak to 106.45/50, which should hold on 1st testing.

On the upside, only above 108.00/10 would risk gain to 108.51/52.

U.S. will release a slew of eco. data later today, please refer to our EI section for details. Also, Atlanta Fed President Bostic is scheduled to speak at 17:00GMT.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 16 Apr 2020 09:30GMT

USD/JPY - 107.76
Despite yesterday's brief drop to 106.94 in Asia, subsequent rally to 107.86 in New York on usd's strength, then 108.08 today suggests further choppy trading above April's near 2-week bottom at 106.93 would continue and intra-day retreat would bring choppy sideways swings before heading to 108.55/61, however, reckon 108.75/80 should cap upside.

On the downside, only below 107.26/36 would indicate recovery has ended, risks 106.94.

U.S. will release a slew of eco. data later today but market's main focus is weekly jobless claims which may show another blow out number after last week's increase of 6.606 million people filed for jobless claims.

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

DAILY MARKET OUTLOOK on Major

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Update Time: 17 Apr 2020 09:30GMT

USD/JPY - 107.87
Despite dollar's rebound from yesterday's 107.17 (New York) low and then re-test of Thursaday's 108.08 high, intra-day retreat on falling U.S. Treasury yields suggests choppy sideways swings would be seen, however, reckon said sup would remain intact and yield another rise, above 108.08 would head to 108.22 but 108.59/61 should remain intact.

On the downside, only below 107.17 would risk weakness to 106.94 (Wednesday's bottom).

Data to be released later:
Italy trade balance, global trade balance, EU construction output, HICP, core HICP.
U.S. leading index change.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 20 Apr 2020 09:30GMT

USD/JPY - 107.76
Although dollar's strong bounce from last Wednesday's 106.94 low to 108.08 Thursday suggests recent decline from 109.37 (April) has made a temporary low, subsequent retreat to 107.17 and then rebound to 108.08 again on Friday suggests choppy sideways swings would continue before re-test of April's 106.93 bottom, break would extend fall from March's 111.71 peak to 106.76, then 106.46.

On the upside, only above 108.08 would risk stronger gain to 108.59/61.

Data to be released later today:

Germany producer prices, EU current account, trade balance, nation activity index.
Canada wholesale trade on Monday.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 21 Apr 2020 09:30GMT

USD/JPY - 107.40
Despite dollar's rebound to 107.94 yesterday, subsequent retreat suggests recovery from last Wednesday's low at 106.94 has ended at 108.08 last Thursday and consolidation with downside bias would be seen, below 107.17 would confirm this view and bring re-test April's trough at 106.93, break would extend downtrend from March's peak 111.67 towards 106.40/50 before prospect of correction.

On the upside, only above 108.08 would indicate a temporary bottom has been made and risk stronger retracement to 108.50/60.

On the data front, U.S. will later release Redbook sales n then existing home sales.
However, market's focus is performance of the Dow and S&P 500.

AceTrader - Best Intra-day Forex Trading Strategies
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AceTraderFx Apr 22: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 22 Apr 2020 09:30GMT

USD/JPY - 107.65
Although dollar's rebound from 107.29 to 107.89 in New York yesterday suggests choppy trading above April's trough of 106.93 would continue and marginal gain is likely to be seen, reckon resistance at 108.08 would limit upside and yield another fall, below 107.17 would bring re-test of 106.93 later this week.

On the upside, only above 108.08 would revive bullishness for stronger gain to 108.52, however resistance at 108.72 should remain intact and yield retreat.

U.S. eco. calendar is very light today with MBA mortgage applications (hardly worth mentioning these days), then monthly home price being the data due out later. Market will pay attention to performance in U.S. stocks after the Dow hit a 1-month high last Friday and has since fallen in last 2 consecutive sessions.

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

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DAILY MARKET OUTLOOK on Major

Update Time: 23 Apr 2020 09:30GMT

USD/JPY - 107.60
Dollar's daily sideways swings following rebound from last Wednesday's 106.94 low to 108.08 last Thursday suggests further gyration inside said broad range would continue, however, reckon said resistance would remain intact and yield retreat but 107.17 should hold on first testing.

Only above 108.08 would risk stronger retrace of decline from April's 109.37 peak towards 108.22, break, 108.59/91 before down.

U.S. will release a slew of eco. data later today but once again, traders will focus on release of initial weekly jobless claims, street forecast is for a reading of 4.15 million vs prev. number of 5.245 million, a higher number will lead to weakness in U.S. stocks and this will, in turn, trigger safe-haven usd buying esp. vs other G7 currencies.

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