AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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AceTraderFx Jun 11: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 106.87
Dollar's selloff from Monday's 109.69 high to 106.80 in Europe today on usd's weakness confirms upmove from May's 105.99 bottom has made a temporary top at last Fri's 2-month peak at 109.84 and below 106.75 would head to 106.23, however, loss of momentum should keep price above 105.99 today.

On the upside, only above 107.46 would indicate trough made and risk stronger retracement to 107.82/87 but 108.24 should remain intact.

Data to be released on Thursday :
RICS housing price balance, France non-farm payrolls, Italy industrial output, and U.S. initial jobless claims, continued jobless claims, PPI, core PPI.

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AceTraderFx Jun 12: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 107.19
Dollar's intra-day rebound from 106.59 in Asia after failure to penetrate yesterday's low at 106.58 to as high as 107.32 suggests decline from June's 2-month peak at 109.84 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 107.46 but 107.60/63 remain intact and yield retreat.

Only the downside, only below 106.58 would revive bearishness for further weakness to 106.46, then 106.00/10 before prospect of correction.

T.G.I.F., U.S. will release a slew of economic data, please refer to our EI page for details, however, traders are expected to take cue from intra-day movement in U.S. stock futures in Asian Europe, then performance of the Dow n S&P 500 in NY session. We have Richard Fed's Barkin speaking at 14:00GMT n then 17:00GMT.

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AceTraderFx Jun 15: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 107.34
Despite dollar's bounce from last Thursday's 1-month low at 106.58 to 107.55 Friday in New York, then to 107.57 in Asia today, subsequent retreat to 107.01 suggests recovery has possibly ended and choppy sideways swings would be seen before prospect of another fall but 105.99 (May low) should remain intact.

On the upside, only above 107.57 signals temporary bottom has been made and risks retracement to 107.87, then 108.24.

Data to be released later :
UK house price Rightmove, China industrial output, house price, retail sales, Japan tertiary industry activity, Swiss import price, Italy consumer prices, CPI (EU norm), EU trade balance.
U.S. NY Fed manufacturing and Canada manufacturing sales on Monday.

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AceTraderFx Jun 16: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 107.32
Despite dollar's bounce from last Thursday's 4-week low at 106.58 to 107.63 in Asia today, subsequent retreat suggests correction has possibly ended and downside bias remains for stronger retracement to 107.01 after consolidation but below 106.58 needed to head to 106.20/25, however, reckon 105.99 should remain intact.

On the upside, above 107.63 would risk gain to 107.87, then 108.24.

Data to be released later :
Germany CPI, HICP, wholesale price index, ZEW economic sentiment, ZEW current conditions, UK claimant count, ILO unemployment rate, employment change, average weekly earnings, EU labour costs, ZEW survey expectations.
U.S. retail sales ex-autos, retail sales, redbook, industrial production, capital utilization, manufacturing output, business inventories, NAHB housing index.

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AceTraderFx Jun 17: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 107.34
Dollar's retreat from yesterday's high at 107.63 to 107.22 in New York, then 107.18 Asia today suggests recovery from last Thursday's 4-week low at 106.58 has ended and subsequent rebound would bring choppy sideways swings before prospect of another fall to 107.01, then 106.80 but 106.58 may hold.

On the upside, only above 107.63 would risk stronger retracement to 107.87, then possibly 108.24.

U.S. will release a slew of second-tier economic data (see EI page for details). Fed's J. Powell will give his second testimony before the House Financial Committe on Capital Hill at 16:00GMT. We also have Atlanta Fed President Bostic speaking at the same time n then Cleveland Fed Present Mester will speak at 20:00GMT.

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AceTraderFx Jun 18: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Jun 2020 09:30GMT

USD/JPY - 106.96
Despite dollar's rebound from last Thursday's 4-week low at 106.58 to 107.63 Tuesday, subsequent retreat to 106.71 in Asia today suggests recovery has ended and recent decline from June's 2-month peak at 109.84 would resume after consolidation and head to 106.20/25 but 105.99 (May bottom) should hold on first testing.

On the upside, only above 107.18 would prolong choppy sideways swings and risks 107.40/50.

Data to be released on Thursday :
trade balance, exports, imports, SNB interest rate decision, Italy trade balance, UK BOE interest rate decision, asset purchase program, BOE QE total, BOE QE corporate bond purchases, BOE MPC vote hike, BOE MPC vote unchanged, BOE MPC vote cut.
U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, leading index change, and Canada ADP employment change, new housing price index, wholesale trade.

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AceTraderFx Jun 19: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 Jun 2020 09:30GMT

USD/JPY - 106.97
Dollar's retreat from Tuesday's high at 107.63 to 106.68 in New York yesterday suggests recovery from last Thursday's 106.58 4-week low has ended and subsequent rebound would bring choppy sideways swings before recent decline from June's 109.84 top resumes and head towards 105.99.

On the upside, above 107.18/22 would risk stronger retracement to 107.63 but 107.87 should remain intact.

Data release on Friday :
Japan nationwide core CPI, Japan nationwide CPI.
UK GfK consumer confidence, PSNB, PSNCR, retail sales, retail sales ex-fuel, Germany producer prices, EU current account. U.S. current account, and Canada retail sales, retail sales ex-autos.

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AceTraderFx Jun 22: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 22 Jun 2020 09:30GMT

USD/JPY - 106.92
Dollar's retreat from last Tuesday's high at 107.63 to 106.68 on Thursday suggests recovery from June's 4-week low at 106.58 has ended and subsequent rebound would bring choppy sideways swings before recent decline from June's 2-month peak at 109.84 resumes and heads to 105.99.

On the upside, above 107.12/18 would risks stronger retracement to 107.63 but 107.87 should hold.

U.S. will release May national activity index and May existing home sales later today.

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AceTraderFx Jun 24: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 106.60
Yesterday's selloff after initial rise from 106.75 to 107.21 and then break of 106.58 to a 6-week bottom at 106.08 in New York on usd's broad-based weakness suggests re-test of May's 105.99 trough would be seen after consolidation, break would extend decline from March's 111.71 peak to 105.50/60 but 105.15 should hold.

On the upside, only a daily close above 106.75 would indicate temporary low made and risks 107.21, then possibly 107.57/63.

Data to be released later :
France business climate, Germany Ifo business climate, Ifo current conditions, Ifo expectations, Swiss investor sentiment.
U.S. MBA mortgage applications, monthly home price.

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AceTraderFx Jun 26: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 26 Jun 2020 09:30GMT

USD/JPY - 106.97
Despite dollar's resumption of decline from June's 2-month peak at 109.84 to a 6-week bottom at 106.08 on Tuesday, subsequent rally to 107.45 in New York yesterday suggests temporary trough is in place and intra-day weakness would bring choppy sideways swings before prospect of another rise, above 107.45 would head to 107.63, then 107.87 but 108.08 should cap upside.

On the downside, only below 106.63 would indicate top made and risks weakness to 106.39, break, 106.08.

Data to be released on Friday :
Germany import prices, France consumer confidence, Italy manufacturing business confidence, consumer confidence, and U.S. personal income, personal spending, core PCE price index, PCE price index, University of Michigan sentiment.
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