AceTraderFx: DAILY MARKET OUTLOOK on Major - USD/JPY

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

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

USD/JPY - 106.26
Despite dollar's selloff from August's near 3-week high at 107.04 to 105.11 last Wednesday, subsequent rise to 106.57 in New York yesterday suggests pullback has ended and intra-day retreat would bring choppy sideways swings before re-test of 107.04, break needed to extend upmove from July's 104.19 trough to 107.20/30 but 107.53 may hold.

On the downside, only below 106.00/10 would risk weakness to 105.70/80.

Data to be released later on Wednesday :
France consumer confidence, Swiss investor sentiment.
U.S. MBA mortgage applications, durable goods, durables ex-transportation, durables ex-defense.

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AceTraderFx Aug 27: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 27 Aug 2020 09:30GMT

USD/JPY - 106.02
Despite dollar's selloff from Tuesday's high at 106.57 to 105.81 in Asia today, subsequent rebound suggests pullback has possibly ended, above 106.17/21 would confirm this view and heads back to 106.55/57, where break would extend upmove from August's 105.11 bottom to 106.80/90.

On the downside, below 105.70/80 would risk weakness to 105.45 before prospect of another gain.

Attention now shifts to Federal Reserve Chairman Jerome Powell's speech at the Annual Jackson Hole Symposium at 13:10GMT, where he is scheduled to address the issue of how the central bank will adjust its monetary policy to meet its inflation target. Elsewhere, U.S. will release its GDP at 12:30GMT. Street forecasts for GDP QQ and GDP deflator are -32.5% and -2.0% vs previous readings of -32.9% and -2.1%

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AceTraderFx Aug 28: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 28 Aug 2020 09:30GMT

USD/JPY - 106.11
Despite intra-day break of yesterday's high at 106.70 to 106.94 in Asia, subsequent selloff on active safe-haven jpy buying on news of Japan PM Abe's planned resignation suggests upmove from August's 105.11 trough has made a temporary top there and weakness to 105.61, then 105.45 would be seen after consolidation, break needed to head back to 105.11/16..

On the upside, only above 106.55/57 would risk gain to 106.70, then possibly 106.94 again.

There is a slew of U.S. data to be released today but one should pay attention to personal income and personal spending at 12:30GMT. Street forecasts are -0.2% and 1.5% vs previous readings of -1.1% and 5.6% respectively.

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AceTraderFx Aug 31: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 105.83
Despite dollar's selloff from Friday's 106.94 (Asia) high to 105.21 in New York on news of Prime Minister Abe's resignation, intra-day strong rebound suggests further choppy trading inside recent 107.04-105.11 broad range would continue and stronger retracement to 105.90/00 may be seen before prospect of another fall.

On the downside, below Asia's 105.30 low would bring re-test of 105.11, break should head to 104.80/90.

In the absence of major U.S. data today, pay attention to comments from Atlanta Fed President Raphael Bostic, who is due to speak at 14:30GMT.

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AceTraderFx Sept 01: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 01 Sept 2020 09:30GMT

USD/JPY - 105.74
Although dollar's rebound from last Friday's 105.21 low suggests choppy trading above August's 105.11 trough would continue, as 106.09 has capped recovery in New York on Monday, consolidation with downside bias remains and below 105.21 would bring re-test of 105.11, break would head to 104.78/83.

On the upside, only above 106.09 may risk gain to 106.52/57 but 106.94 should remain intact.

Data to be released later:
Swiss manufacturing MPI, Italy Markit manufacturing PMI, unemployment rate, France Markit manufacturing PMI, Germany Markit manufacturing PMI, unemployment change, unemployment rate, EU Markit manufacturing PMI, HICP, core HICP, unemployment rate, UK Markit manufacturing PMI.
U.S. redbook, Markit manufacturing PMI, construction spending, ISM manufacturing PMI, and Canada Markit manufacturing PMI.

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AceTraderFx Sept 02: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 02 Sept 2020 09:30GMT

USD/JPY - 106.05
Despite dollar's selloff from last Friday's high at 106.94 to 105.21 in New York, subsequent rebound to 106.15 on Tuesday suggests choppy trading above August's trough at 105.11 would be seen with upside bias for gain to 106.50/60 before prospect of retreat.

Only above 106.70 would risk re-test of 106.94 while below 105.60 would head back to 105.30/35, then 105.11/21.

Data to be released on Wednesday :
UK BRC shop price index, nationwide house price index, Australia GDP, Germany retail sales, EU producer prices, Canada labour productivity rate.
U.S. MBA mortgage applications, ADP employment change, ISM New York index, durables ex-defense, durable goods, durables ex-transportation, factory orders.

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AceTraderFx Sept 03: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 106.28
Although dollar's rally from last Friday's low at 105.21 to as high as 106.34 in Europe today suggests choppy trading above August's 105.11 trough would continue and marginal gain would be seen after consolidation, however, loss of momentum should limit upside at 106.70/80 and yield retreat.

On the downside, only below 105.86 would risk stronger retracement to 105.56/62, then 105.21.

There is a slew of U.S. data to be released today but pay particular attention to U.S. jobless claims (12:30GMT) and ISM non-manufacturing PMI (14:00GMT). Street forecasts are 950k and 57.0 vs previous readings of 1,006k and 58.1 respectively.

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AceTraderFx Sept 04: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 106.18
Despite yesterday's rally to 106.55, subsequent fall to 106.01 in late New York on drop in U.S. Treasury yields suggests choppy trading inside recent 107.04-105.11 broad range would continue with downside bias, below 105.86 would bring stronger retracement to 105.60 but last Friday's 105.21 low should remain intact.

On the upside, only above 106.55/57 risks gain to 106.94, then 107.04 before prospect of retreat.

Market focus is on the release of U.S. jobs report today at 12:30GMT as it will provide the Federal Reserve with what measures it should employ to counter the ongoing stagnant job growth. Street forecasts for non-farm payrolls, unemployment rate and average earnings mm are 1,400k, 9.8% and 0.0% vs previous readings of 1,736k, 10.2% and 0.2% respectively.

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AceTraderFx Sept 07: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 106.17
Dollar's rally from last Monday's trough at 105.30 to 106.55 last Thursday suggests further choppy trading inside recent broad range of 106.94-105.21 would continue and as long as support at 106.01 holds, upside bias remains and above 106.55 would head to indicated upper level, break would extend to 107.10/20 before prospect of retreat.

On the downside, only below 106.01 would risk stronger retracement to 105.86, then 105.60.

Data to be released later :
Germany industrial output, UK Halifax house prices, EU Sentix index.
U.S. market holiday and Canada market holiday on Monday.

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AceTraderFx Sept 08: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 08 Sept 2020 09:30GMT

USD/JPY - 106.26
Dollar's sideways move following rally from last Monday's 105.30 low to 106.55 on Thursday suggests choppy trading inside recent 107.04-105.11 broad range would continue, as long as 106.01 holds, consolidation upside bias remains, above 106.55 would head to 106.94 but 107.04 may limit upside.

On the downside, only below 106.01 would risk stronger retracement to 105.86, then 105.60/70 before prospect of rebound.

Data to be released later :
UK BRC retail sales, France non-farm payrolls, current account, trade balance, imports, exports, Germany exports, imports, trade balance, current account, Italy retail sales, EU employment change, GDP.
Canada leading index.

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